EURUSD Forecast

The EURUSD attempted to push lower yesterday, bottomed at 1.2930 but whipsawed to the upside and closed higher at 1.3105. This fact keeps the nearest term bias remains strongly to the upside testing 1.3160 resistance area. As you can see on my h4 chart below, another trend line resistance has been broken to the upside. Above 1.3160, the next nearest bullish target is seen around 1.3250 region. From a broader outlook, the break above the 200 – 4 hour – EMA and 1.3000 resistance area this week could create further bullish scenario testing 1.3530 area. Immediate support is seen around 1.3050. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.2930 the overall intraday technical bias remains strongly to the upside.

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