EURUSD Forecast

The EURUSD had a bullish momentum on Friday but overall there are no changes in my technical outlook where price is still in consolidation phase, moving inside the triangle. The bias is neutral in nearest term. On hourly chart below we can see price is moving inside a bearish channel after made a false breakout above the triangle suggests potential further bearish pressure testing 1.4250 even the lower line of the triangle especially if price able to make a clear break below 1.4350. However note that price has been moving indecisively with no clear direction and consistent momentum in the last four weeks, moving up and down inside the triangle. From this point of view, short around the upper line of the triangle or long around the lower line of the triangle could be a good intraday plan with a tight stop loss on a breakout/down from the triangle. Immediate resistance is seen around 1.4400 and the upper line of the bearish channel followed by 1.4500 and the upper line of the triangle.

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