EURUSD Forecast

The EURUSD attempted to push lower yesterday, bottomed at 1.3427 but closed higher at 1.3488 and back above 1.3500 earlier today in Asian session. The bias is bullish in nearest term testing 1.3570 but as long as price moves below the trend line resistance we are still in a bearish phase after the false breakout above 1.3800 and I still prefer a bearish scenario. Break above 1.3570 could trigger further bullish pullback testing 1.3669 and the trend line resistance. On the downside, immediate support at 1.3470. Break below that area could trigger further bearish pressure re-testing 1.3420 support area. A clear break below 1.3420 would give us further validation to the bearish continuation scenario targeting 1.3250 this week.

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