EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.3498 but whipsawed to the downside, closed lower at 1.3356 and hit 1.3336 earlier today in Asian session. On h4 chart below we can see that this might be a case of a false breakout from the range area which could lead to further bearish pressure re-testing 1.3170 especially if price able to make a clear break below 1.3320 minor support area. We are still in consolidation and critical phase now where technical failures usually happen and make trading is a little bit more difficult especially for intra-day traders. On the upside, another break above 1.3438 could trigger further upside momentum testing 1.3500 – 1.3550 resistance area.

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