EURUSD Forecast

The EURUSD continue to make upside pressure yesterday, topped at 1.2763 but still unable to move consistently above 1.2730, traded lower around 1.2700 at the time I wrote this comment. We are still in upside correction phase as long as price move inside the minor bullish channel but the major scenario remains bearish. The bias is neutral in nearest term. Another upside movement above 1.2730 could trigger another upside pressure testing 1.2770 – 1.2825.  On the downside, a movement below 1.2650 and violation to the downside of the minor bullish channel could potentially end the upside correction testing 1.2587 – 1.2523 and keep the bearish scenario remains strong.

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