EURUSD Forecast

The EURUSD continued its bullish momentum yesterday and hit 1.4516 earlier today in Asian session. The bias remains bullish in nearest term testing 1.4580 area. A clear break above that area could trigger further bullish scenario testing 1.4750 and would open the door for further bullish momentum testing 1.4939. Hourly CCI just cross down below 100 level suggests potential downside correction. Immediate support at 1.4450. A clear break below that area could trigger further bearish pullback testing 1.4400. I don’t expect any move below 1.4400 at this phase but a clear break below that area could trigger further bearish pullback testing 1.4340/20 support area. My overall intraday bias remains to the upside as long as price moves inside the bullish channel. Fundamental focus today is on US NFP number which is expected around 194K, lower than the previous at 244K. A worse than expected actual result would support the current bullish outlook while a better than expected result could trigger bearish correction testing the lower line of the bullish channel.

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