EURUSD Forecast: Bearish correction testing 1.4850

The EURUSD had a significant bearish momentum yesterday, bottomed at 1.4844 and closed at 1.4863. The CCI bearish divergence I showed you on Saturday give us a valid signal about bullish exhaustion and bearish momentum. On h4 chart below we can see that price violated the bullish channel to the downside indicating potential bearish view.

On my daily chart below we can see that we are in critical phase where price now testing my key support level 1.4850. Break below that area could trigger further bearish momentum towards 1.4450 in medium term outlook. The bias is bearish in nearest term but we need a consistent move below 1.4850 to confirm further bearish correction scenario at least towards 1.4700 area. Immediate resistance at 1.4920/50 area. Break above that area should keep the medium term bullish outlook intact but become unclear in nearest term.