EURUSD Forecast

The EURUSD had another indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3027 but further bearish pressure was rejected, closed higher at 1.3117. There are no changes in my technical outlook. The bias remains neutral in nearest term with potential range area between 1.3240 – 1.3000/25. We need a clear break from the range area to see clearer direction. Overall price is still in a bullish phase since bounced from 1.2625 and broke above the trend line resistance but need a clear break above 1.3240 to continue the bullish scenario. On the downside, a clear break and daily close below 1.3000 could stop the bullish phase testing 1.2930 probably lower. Aggressive intraday traders can still long around 1.3000/25 or short around 1.3240/50 with tight stop loss, taking advantage of this sideways condition.

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