EURUSD Daily Forecast: December 03

By IBTimes Staff Reporter | December 03 2010 1:11 AM

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EURUSD Forecast

The EURUSD was volatile yesterday but overall still able to maintain its bullish correction bias, topped at 1.3246 and closed at 1.3211. The bias remains bullish in nearest term especially if price able to make another break above 1.3250 targeting 1.3300 – 1.3350. Immediate support at 1.3180. Break below that area could trigger further bearish pressure testing 1.3100 – 1.3055. As long as price moves inside the minor bullish channel (blue) we are still in bullish correction phase. The major scenario remains bearish but need a move below the minor bullish channel and 1.3055 to potentially end the bullish correction and continue the bearish scenario testing 1.2920 region.

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