EURUSD Forecast:

The EURUSD had a narrow movement of only 66 pips yesterday and we do not see significant technical move yet so far. The bias remains neutral both in nearest and medium term while long term outlook remains bearish. The bullish correction scenario testing 1.3750 area remains intact. Price has been moving in ranging condition for five weeks now but traders surely waiting for a breakout which could give clearer direction. We will have US retail sales and consumer sentiment data today which is expected to be catalyst to move the market. As risk aversion/appetite is likely to drive the market, a good result could support the Euro while a bad result could weigh on Euro and keep the major bearish scenario intact. Immediate support at 1.3620 followed by 1.3530. Break below 1.3530 should trigger further weakness for the Euro re-testing 1.3450/30 key support area while a break above 1.3750 should be seen as a serious threat to the major bearish scenario testing 1.3850 before aim for 1.4025/50 region as the bullish reversal scenario showed by the triple bottom formation is confirmed.