EURUSD Forecast

The EURUSD had another volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3133 but closed higher at 1.3203. The bias remains neutral in nearest term and price has been moving sideways between 1.3290 – 1.3000 in the last three weeks without clear direction and momentum suggests a consolidation phase. Immediate resistance is seen around 1.3225/50. A clear break above that area could trigger further bullish pressure testing 1.3290 key resistance area. On the downside, we still need a clear break and daily close below 1.3130 to keep the double top bearish scenario remains intact retesting 1.3000.

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