EURUSD Forecast

The EURUSD was corrected higher last week, topped at 1.2985 and closed at 1.2930 as a part of the bullish phase since broke above the minor trend line resistance as you can see on my h4 chart below. My major bearish scenario remains intact but price is now in a bullish correction phase testing 1.3000 key resistance which is the 200-4 hour-EMA and 23.6% Fibonacci retracement of 1.4246 – 1.2625. The bias is bullish in nearest term. Immediate support is seen around 1.2850/30. A clear break below that area could lead price to neutral zone in nearest term but only a clear break and daily close at least below 1.2800 could stop the current strong bullish correction phase. On the upside, a clear break and daily close above 1.3000 could trigger further bullish momentum testing 1.3160 area.

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