EURUSD Forecast

The EURUSD didn’t make significant movement yesterday. The bias is neutral in nearest term. As you can see on my h4 chart below, the bearish movement this week has been characterized by strong bearish momentum after broke below previous lows/supports (1.3281, 1.3160/45, 1.3050). Price is now consolidating with a key short term resistance is seen around 1.3050. A clear break above that area could trigger further upside pullback testing 1.3100 – 1.3160/45 area. I still prefer a bearish scenario at this phase. Any upside correction now is normal as price is in oversold condition but only a clear break back above 1.3281 could stop the current strong bearish intraday outlook. On the downside, we need a clear break below 1.2947 to continue the bearish scenario testing January low at 1.2873 even lower.

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