EURUSD Forecast

The EURUSD attempted to push lower yesterday, bottomed at 1.2664 but closed higher at 1.2720. The bias is neutral in nearest term but overall I remain bearish on this pair. However, as you can see on my h4 chart below we have a potential double bottom formation around 1.2665 and need a clear break and daily close below 1.2665 to continue the major bearish scenario, still testing 1.2500 this week. Immediate resistance is seen around 1.2730/50. A clear break back above that area could trigger further bullish correction testing 1.2825/57 resistance area.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.