EURUSD Forecast:

The EURUSD continued its bearish pressure on Friday, slipped below the major bullish channel and 1.2700 key support area, bottomed at 1.2664 but rebounded to the upside and traded above 1.2700 earlier today in Asian session. The bias is bearish in nearest term but we need a consistent move below 1.2700 to continue the bearish pressure testing 1.2610 before testing 1.2500 – 1.2470. Fundamental focus will be on some Euro zone flash manufacturing and services PMI numbers today. If we have good numbers, potential resistance to be tested is at 1.2780 and 1.2930 area.

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