EURUSD Forecast

The EURUSD had another indecisive movement yesterday, made a Doji on daily chart. Price has been moving sideways since Monday with no clear direction and consistent momentum. The EU economic summit tomorrow could be a catalyst for a clearer/bigger movement. The bias is neutral in nearest term. Price is still moving inside the bullish channel and the lower line of the bullish channel has been a good intraday support since bounced from 1.3211 as you can see on my hourly chart below, keep the bullish correction phase intact. On the other hand, price also still making lower highs since formed the double top formation around 1.3520/30. My overall technical bias remains to the downside and I still prefer to short on rallies. Key intraday resistance remains around 1.3520/30. A clear break and daily close above that area could trigger further bullish correction testing 1.3613 area. On the downside, we still need a clear break and daily close at least below 1.3300 to potentially end the bullish correction phase testing 1.3145. The EU summit might create another risk appetite sentiment pushing the Euro higher so the movement can be much trickier.

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