EURUSD Forecast

The EURUSD was corrected higher yesterday, topped at 1.2844 and closed at 1.2819 after the appearance of the double bottom formation around 1.2665 as you can see on my h4 chart below. The bias is bullish in nearest term testing 1.2857. A clear break and daily close above that area could trigger further bullish pressure testing 1.3000 region but my major technical bias remains to the downside and the current bullish momentum should be seen as a corrective movement. Immediate support is seen around 1.2800. A clear break below that area could lead price to neutral zone in nearest term testing 1.2750/00 support area but need a clear break and daily close below 1.2665 to cancel the double bottom bullish scenario, still testing 1.2500 major support area.

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