EURUSD Forecast

The EURUSD continued its bullish momentum yesterday, topped at 1.4383 and now struggling around 1.4320. Despite of pessimistic outlook of fundamental condition in the Euro zone, technically, if you look at the hourly chart below, it’s clear that the single currency has been building a good bullish momentum since the appearance of the inverse H&S formation, moving in a bullish channel. The bias is bullish in nearest term testing 1.4450 region. Immediate support at 1.4250 and the lower line of the bullish channel. A clear break below the bullish channel could be a threat to the current bullish intraday outlook retesting 1.4000 strong support area. From a longer term outlook at the daily chart, price is moving in a triangle formation suggests a consolidation phase. A fragile fundamental condition in the Euro zone could change the market sentiment quickly.

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