EURUSD Forecast

The EURUSD was corrected lower yesterday after unable to make a break above 1.4470 resistance area (50% Fibonacci retracement of 1.4939 – 1.3968) but still unable to stay consistently below 1.4340/20 support area so far. The bias is bearish in nearest term especially if price able to make a clear break below 1.4300 testing 1.4250 – 1.4200 but as long as price moves inside the bullish channel my overall intraday bias remains to the upside since the rejection to move below 1.4000 last week and I still prefer a bullish scenario at this phase. Only a violation to the bullish channel could be a threat to the bullish outlook retesting 1.4000. Immediate resistance at 1.4400. A clear break above that area would change the intraday bias back to bullish retesting 1.4470, keep the bullish scenario remains strong and reactivate my bullish mode.

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