EURUSD Forecast:

As you can see on h4 chart below, the EURUSD attempted to push higher on Friday after failed to break below 1.3450 area (potential nearest term bottom), slipped above the minor bearish channel indicating potential upside correction especially if price able to break above 1.3690 targeting 1.3750 – 1.3850 resistance area . However the main trend should remain bearish and I still prefer a bearish scenario with sell on rallies strategy. The bias is neutral in nearest term. While the fundamental outlook for the Euro zone remains negative and should keep Euro under pressure in longer term, price has been indecisive in the last three weeks now and technically in oversold area so I won’t be surprise if we will see some upside correction at this phase. Immediate support at 1.3585. Break below that area an movement back inside the minor bearish channel could be seen as potential false breakout scenario which could trigger significant bearish pressure re-testing 1.3450 area.