The EURUSD was unable to maintain its bullish momentum yesterday , after the fake breakout above 1.2589...

The pair declined last night affected by the negativity of the bearish divergence on daily chart , followed by a daily closing below the previous day's low 1.2560 , add to that losing the minor support 1.2530 which I consider it a strong bearish momentum !

Today I assume a bearish move testing the weekly support 1.2465 and the lower line of the bullish channel around 1.2390.

 Immediate resistance is seen around 1.2530 where bounce back to downside is expected, stability below the key resistance 1.2580 is indeed to keep the bearish scenario suggested for today valid, H1 closing above 1.2580 might delay and weak the bearish move !

Recommendations: Selling the pair around 1.2535 targeting 1.2465 & 1.2390 , stop out with an hourly closing above 1.2580

Best Regards

Haitham653