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EURUSD Forecast:
The EURUSD slipped below my trend line support earlier today in Asian session as you can see on my h4 chart below. This fact could be seen as the end of technical bullish correction and trigger further bearish pressure testing 1.2588 and 1.2523 region. Immediate resistance at 1.2700. Break above that area and a movement back above the trend line support could lead us into neutral zone in nearest term as direction would become unclear even could produce a false breakdown scenario which could trigger upside pressure testing 1.2764 (yesterday’s high). Fundamental focus today is on French Industrial Production. A disappointing result could push the pair lower. On the other hand, a good result could give support to the Euro but overall I think Euro zone is still in negative territory and the major scenario remains to the downside.
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