EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.2807 but closed a little bit lower at 1.2745. As you can see on my h4 chart below price is now testing the minor trend line resistance (white). The bias remains bullish in nearest term testing 1.2857. My overall technical bias remains to the downside and I still prefer to sell on rallies. The current short term bullish momentum should be seen just as a normal corrective movement and I do not expect any movement and daily close back above 1.2857 as it would postpone the major bearish scenario and continue the bullish correction phase testing 1.2900 – 1.3000 resistance area. Immediate support is seen around 1.2700. A clear break below that area could end the current bullish correction phase, still targeting 1.2500 support area this week.

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