EURUSD Forecast

The EURUSD had a moderate bullish momentum yesterday, topped at 1.3217 and closed at 1.3194. The bias is bullish in nearest term testing 1.3240 area. A clear break above that area could trigger further bullish pullback testing 1.3300 – 1.3350 and the upper line of the descending triangle. Price keeps making higher lows since bounced from 1.3000 strong support area and only a clear break back below 1.3100 could trigger another bearish pressure retesting 1.3000. Immediate support is seen around 1.3170. A clear break below that area could trigger further bearish pressure testing 1.3130 – 1.3100 area. Overall I still prefer a bearish scenario at this phase with sell on rallies strategy and only a clear break above the descending triangle would cancel the bearish outlook.

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