EURUSD Forecast:

The EURUSD jumped higher today, opened at 1.3626 after Greek bailout, made more than 100 pips gap. Although the bearish channel has been violated to the upside by this event and suggest bullish reversal scenario, usually gaps are filled, so we need to stay calm and must not rush. I think I will stand aside for now. Immediate resistance at 1.3700. Break above that area should trigger further bullish momentum towards 1.3750 even testing 1.3830 region as the nearest technical bullish reversal target this week. Initial support at 1.3530. Break below that area should raise doubt that the current bullish momentum is just a short term reaction while the bearish scenario should remain intact.

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