EURUSD Forecast

The EURUSD had a bullish momentum yesterday, topped at 1.3547 and closed at 1.3508 after positive results of Euro zone unemployment and CPI data. The bias is bullish in nearest term. On daily chart below we can see that price is now ready to test the bearish channel indicating critical technical phase with potential bullish reversal scenario. However, as long as the bearish channel valid, the main trend remains bearish. Trend exist until it’s broken. Immediate resistance at 1.3580 – 1.3600 area. Break above that area could be a serious threat to the bearish outlook at least testing 1.3817 and a beginning of a new bullish phase. Initial support at 1.3530. Break below that area should keep the bearish scenario intact testing 1.3450.

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