EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.2816 but further bullish momentum was rejected, closed lower at 1.2752 and hit 1.2728 earlier today. The bias is neutral in nearest term but overall I am still in bearish mode for this pair. As you can see on my h4 chart below, during the major bearish movement there were some bullish corrections (blue arrows) so any upside pullback or sideways movement now is normal unless price breaks above 1.3000 – 1.3160 resistance area. Immediate resistance is seen around 1.2800/16. A clear break above that area could continue the bullish correction phase testing 1.2857 – 1.2900. On the downside, a clear break and daily close below 1.2665 could continue the bearish scenario testing 1.2500 this week.

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