The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.

Since Tuesday, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum so that recent movement has turned into sideway consolidations.

For the bearish reversal scenario to be confirmed, bearish breakout below 1.1670-1.1655 (the lower limit of the movement channels) is needed.

This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target would be located around 1.1600.

On the other hand, bullish persistence above 1.1650 invalidates the bearish scenario for the short-term. Instead, the EUR/USD pair would keep moving within the depicted linear regression channels (1.1750 and 1.1650).