EURUSD Forecast

The EURUSD continued its bullish correction yesterday, slipped above 1.3300 and the triangle formation. This fact could be a serious threat to the major bearish outlook but consolidation movement in the end of the year is not a surprise, so I think it’s too early for a bullish reversal scenario since false breakout remains potential and we may have to wait at least until the first week 0f 2011 to see the “real direction”. However, technical bias remains bullish in nearest term testing 1.3400 – 1.3450 area. Immediate support at 1.3240. Break below that area may produce another false breakout scenario and keep the bearish scenario remains strong with 1.3170 support area as the nearest bearish target. Happy New Year! May we all have a more profitable year.

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