EURUSD Forecast

The EURUSD had a bullish momentum yesterday, topped at 1.2609 and closed at 1.2573. The bias is bullish in nearest term but as long as stays below 1.2641 the major bearish scenario since broke below 1.3000 should remain intact and I still prefer to sell on rallies. Immediate support is seen around 1.2530. A clear break below that area could lead price to neutral zone in nearest term but need a clear break and daily close back below 1.2435 support area to end the current bullish correction phase retesting 1.2287. On the upside, a clear break and daily close above 1.2641 will interrupt the major bearish trend and could be an early signal of bullish reversal.

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