EURUSD Forecast

The EURUSD was indecisive yesterday. Price attempted to push higher, topped at 1.3520 but closed lower at 1.3465. The bias is neutral in nearest term. My major bearish outlook remains intact but price is in a bullish correction phase now since bounced from 1.3211, moving inside a bullish channel as you can see on my hourly chart below. Immediate support remains around 1.3420/00 area. A clear break below that area could trigger further bearish pressure testing the lower line of the bullish channel but we need a clear break below the bullish channel and 1.3300 – 1.3270 support area to end the current bullish correction phase and continue the bearish scenario. Immediate resistance is seen around 1.3520/30 area. A clear break and daily close above that area could continue the bullish correction testing 1.3613. Fundamental focus is on the US NFP today, which is expected around 120K.

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