EURUSD Forecast

The EURUSD made another upside attempt yesterday, topped at 1.2726 but further upside pressure was still limited and traded lower around 1.2670 at the time I wrote this comment. The bias is neutral in nearest term and still within a bearish context but price is bouncing to the upside from 1.2587, moving in a minor bullish channel. We need a violation to the downside of the minor bullish channel to continue the bearish scenario. Break above 1.2730 could trigger further upside pressure testing 1.2770 – 1.2825 region before testing 1.2930 which could be a serious threat to the bearish scenario.  Immediate support at 1.2620. Break below that area could trigger further downside pressure re-testing 1.2587 – 1.2523 and keep the bearish scenario intact.

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