EURUSD Forecast

The EURUSD had a bullish momentum yesterday, broke above 1.3163 and hit 1.3211. Price retraced lower earlier today testing 1.3163. I am not in a bullish mode, but short term technical bias suggests a bullish view testing 1.3240 resistance as a part of the double bottom bullish scenario. The current short term bullish bias can only be canceled by a clear break and daily close at least below 1.3100 retesting 1.3000 and keep the bearish scenario after the break below the bullish channel remains strong. On the upside, a clear break above 1.3240 could trigger further bullish scenario testing 1.3350 – 1.3400 region.

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