EURUSD Forecast

The EURUSD had another volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3332 but closed higher at 1.3408. There are no changes in my technical outlook. The bias is neutral in nearest term. As long as moves inside the bullish channel the bullish correction phase remains intact. Price is making lower highs and lows since formed the double top formation but still need a clear break and daily close below the bullish channel and 1.3300 – 1.3270 support area to continue the bearish scenario testing 1.3145 even lower. On the upside, the double top formation around 1.3520/30 remains a key resistance at this phase. A clear break above that area could continue the bullish correction phase testing 1.3613 resistance area. Overall I still prefer a bearish intraday scenario at this phase with short on rallies strategy and only a clear movement above 1.3520/30 could postpone the bearish scenario.

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