EURUSD Forecast

The EURUSD had a significant bearish momentum yesterday, broke below the bullish channel and 1.4320, bottomed at 1.4155. This fact should lead us to further bearish scenario testing 1.4000 strong support area. Immediate resistance at 1.4250 ( 61.8% Fibonacci retracement of 1.3968 – 1.4695). A clear break above that area could lead us to neutral zone in nearest term but as long as price stays below 1.4320 the intraday bearish bias should remain strong. CCI in neutral area on hourly chart suggests potential minor upside pullback but I prefer a bearish scenario at this phase with short on rally strategy.

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