EURUSD Forecast

The EURUSD attempted to push lower yesterday, bottomed at 1.2973 but whipsawed strongly to the upside and hit 1.3157 after a report that ECB is swapping Greek bonds for new bonds created a speculation Greek will get its second bailout. As you can see on my h4 chart below, price revisited the broken trend line support and struggling around that area. Technically it is too early for another bullish call as overall price actually still making lower highs and lows since fell from 1.3320, not to mention daily chart outlook which remains bearish. The back and forth on Greek condition is likely to drive the market sentiment at least in few weeks ahead. On the upside, further bullish movement above 1.3200 could trigger further bullish scenario retesting 1.3300/75 area. Immediate support is seen around 1.3100 – 1.3085. A clear break below that area could lead price to neutral zone in nearest term but would give the bearish scenario another chance for revisiting 1.3000 – 1.2973 area even reopen the door for testing 1.2880.

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