EURUSD Forecast

The EURUSD was indecisive last week. Price attempted to push lower, bottomed at 1.3281 but closed higher at 1.3384 on Friday. The bias is neutral in nearest term but as long as stays below the double top formation around 1.3520/30 my overall intraday bias remains to the downside and I still prefer to short on rallies. Immediate resistance is seen around 1.3400/20 area. A clear break above that area could trigger further bullish pullback testing 1.3520/30. On the downside, a clear break and daily close below 1.3281/70 could continue the bearish scenario testing 1.3211 – 1.3145 support area.

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