EURUSD Forecast

The EURUSD continued its bearish pressure yesterday, bottomed at 1.3093 and closed at 1.3116 but corrected higher earlier today in Asian session hit 1.3193. As you can see on daily chart below we have an important trend line support, which could be a good technical support for the Euro as we are entering Christmas season and the end of the year.  The bias is neutral in nearest term, but a clear break above 1.3193 could trigger further bullish pullback testing 1.3250 resistance area. On the downside, break below 1.3116 (current low) would keep the bearish pressure remains strong targeting 1.3060 before testing 1.2968 – 1.2920 this week.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.