EURUSD Forecast

The EURUSD made a convincing bullish correction yesterday, topped at 1.3237 and hit 1.3258 earlier today in Asian session. If you look at the daily chart, it’s the first convincing bullish candle since December 13 and so far I think it’s a normal correction and major scenario remains bearish with 1.3000 – 1.2900 support area to be tested. On h4 chart below we can see price is moving in triangle formation indicates consolidation. The bias is bullish in nearest term testing 1.3300 and the upper line of the triangle. A clear break above the triangle could be a technical threat to the bearish outlook, but note that false breakout remains highly potential. Immediate support at 1.3200 – 1.3170. A clear break below that area could trigger further bearish pressure re-testing 1.3100 – 1.3060 strong support area.

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