EURUSD Forecast

The EURUSD failed to continue its bullish correction on Friday, fell back below 1.3420 support area after the US NFP data. The bias is bearish in nearest term but note that as long as moving inside the bullish channel (see my hourly chart below) price is still in a bullish correction phase and we need a clear break below the bullish channel and 1.3300 – 1.3270 support area to end the bullish correction which started since bounced from 1.3211, testing 1.3145 even lower. Immediate resistance is seen around 1.3420/50. A clear break above that area could lead price to neutral zone in nearest term, testing the double top formation around 1.3520/30 area.

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