EURUSD Forecast

The EURUSD had a bullish momentum yesterday, broke above 1.3050/85 resistance area and hit 1.3131. The bias is bullish in nearest term testing 1.3160 which is the area of 38.2% Fibonacci retracement of 1.3536 – 1.2947. So far the bullish momentum should be seen just as a normal corrective movement but a clear break and daily close above 1.3160 could be an early signal of a bullish reversal scenario testing 1.3281 key resistance area. Above 1.3281 my intraday bias will be in a bullish mode. Immediate support is seen around 1.3050. A clear break back below that area would keep the bearish scenario remains strong testing 1.2947 and January low at 1.2873.

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