EURUSD Daily Forecast

The EURUSD attempted to push higher yesterday, topped at 1.4149 but further upside momentum was rejected as the pair whipsawed to the downside, hit bottom at 1.4001 and closed at 1.4031. From the medium term point of view, we still have no significant movement so far and still trapped in ranging area of key levels 1.4176 – 1.3750. On the upside, expect strong resistance at 1.4176 area. On the downside, the trendline support (see the chart below) should be an important support at this phase. Immediate support is seen at 1.3950. Break below that area should trigger further weakness for the Euro. CCI in neutral area on daily chart.