EURUSD Forecast

The EURUSD was corrected lower yesterday and now testing 1.4400 support area which is the 38.2% Fibonacci retracement of 1.4102 – 1.4577 as you can see on my h4 chart below. The bias is bearish in nearest term especially if price able to continue the bearish pressure by a clear break below 1.4400 testing 1.4320 support area. Another technical consideration is the potential of a false breakout scenario from the triangle formation which could create further bearish pullback. Immediate resistance at 1.4500. A clear break above that area could change the intraday bias back to bullish retesting 1.4577 and keep the bullish scenario intact still testing 1.4695 – 1.4750.

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