EURUSD Forecast

The EURUSD was corrected higher yesterday, topped at 1.2784 and hit 1.2796 earlier today. The bias is bullish in nearest term testing 1.2857 – 1.2900 region but unless we have a movement back above 1.3000 my overall technical bias remains strongly to the downside and the current bullish momentum should be seen just as a normal corrective movement. Immediate support is seen around 1.2720. A clear break below that area could lead price to neutral zone in nearest term but would keep the major bearish scenario strong still testing the 200 monthly EMA support area around 1.2500 this week.

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