EUR/USD has been consolidating in November and last week's bearish push did not revive the prevailing downtrend, at least not yet. In the 4H chart, we can see that the sharp decline failed to break below 1.2357, which kept EUR/USD in a consolidation range, with 1.2575-1.26 area as resistance. EUR/USD 4H Chart 11/27(click to enlarge)The 4H chart shows a choppy rally this week that has broken above 1.25, which was a key support/resistance pivot. This showed failure of the bearish continuation attempt. Today (11/27), as US traders celebrate Thanksgiving, volume is likely to be low. However, we should not discredit the moves that might be significant today. For example, if price falls below 1.2465, it would break below this week's rising speedline and return below the 100- and 50-period SMAs in the 4H chart. Note that the RSI has held below 60 for the most part. It has at least stayed away from 70 while being able to tag 30. This shows bearish momentum bias. So, if price falls below 1.2465, the bearish continuation scenario would be in play again.We should also monitor for resistance if price fails to break below 1.2465 and instead rallies towards the 1.2577 resistance pivot. We should remain bearish on EUR/USD until a break above 1.26, in which case we would have a month-long price bottom suggesting a bullish correction in the medium-term.