EURUSD Forecast

The EURUSD continued its bullish momentum yesterday and slipped above 1.2641 earlier today. The bias remains bullish in nearest term and price is in a critical point now. A clear break and daily close above 1.2641 – 1.2700 key resistance area could be an early signal of a major bullish reversal scenario testing 1.2822 even 1.3000. Immediate support is seen around 1.2585. A clear break below that area could lead price to neutral zone in nearest term but need a clear break at least below 1.2541 to stop the current bullish intraday mode. On the downside, we need a clear break at least back below 1.2435 to keep the bearish scenario intact testing 1.2287 or lower. Fundamental focus is on Greek legislative election on June 17, a battle between pro and anti bailout parties which likely to create high volatile market and we might have another big gap on Monday.


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