EURUSD Forecast:

The EURUSD attempted to push lower yesterday, bottomed at 1.3451 but closed higher at 1.3549. On h1 chart below we can see that price has slipped above the minor trendline resistance (yellow) indicating potential upside correction testing the upper line of the minor bullish channel. The main scenario should remain bearish but the fact that price already in oversold area may produce some minor upside correction. Immediate resistance at 1.3625 area. Break above that area and violation to the minor bullish channel could trigger further upside momentum but note that overall the pair is still in a bearish mode. After Greek debt and financial problem, traders now concern about the potential economic problem in Spain which could continue to pressure the Euro in longer term. Initial support at 1.3500 area. Break below that area could trigger further bearish momentum testing 1.3400 region.