EURUSD Forecast

The EURUSD had a bearish momentum yesterday, bottomed at 1.3144 and closed at 1.3153. Like I said in my weekly summary on Saturday, price might challenge key support around 1.3085 if break below 1.3150 but as long as stays above 1.3085 the bullish phase since bounced from 1.2625 remains intact. From this point of view, the area near 1.3085 – 1.3100 and the trend line support (see my h4 chart below) seems to be a good place for a long position with tight stop loss below 1.3085 with nearest bullish target remains around 1.3375.  A clear break and daily close below 1.3085 could end the bullish phase and activate my bearish intraday mode. The bias is bearish in nearest term. Immediate resistance is seen around 1.3200 – 1.3235. A clear break above that area could lead price to neutral zone in nearest term but would give another chance to the bullish scenario to test 1.3375 area. Overall price remains indecisive/sideways in the last two weeks.

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