EURUSD Forecast

The EURUSD attempted to push lower yesterday but failed to make a clear break below 1.3000 and whipsawed to the upside, hit 1.3146. The bias is bullish in nearest term especially if price able to make another break above 1.3150 testing 1.3211 – 1.3240 area. However note that overall price remains volatile and unclear since last week. I don’t see good technical reason to activate my bullish mode and as long as stays below 1.3240 I still prefer to sell on rallies as a part of the bearish scenario after the break below the bullish channel. On the downside, there is no doubt about the status of 1.3000 level as a strong/key support which need to be clearly broken to the downside to continue the bearish scenario. Immediate support is seen around 1.3070. A clear break below that area could trigger further bearish pressure retesting 1.3000.

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