EURUSD Forecast

The EURUSD made another volatile but indecisive yesterday. Price slipped above the range area, topped at 1.4939 but closed lower at 1.4826. There are no changes in my daily technical outlook. On daily chart below we can see price has been moving in a sideways condition since April 28 without consistent momentum and convincing bullish/bearish candle. The market is indecisive ahead of ECB today and US NFP tomorrow and I hope we can see clearer direction and consistent momentum after those two important events. Overall the technical bias remains strongly to the upside still targeting 1.5000 even 1.5143 (November 2009 high). On the downside, 1.4767/50 still provided a good intraday support so far, but a clear break below that area could trigger further bearish correction testing 1.4647 but as long as price moves inside the bullish channel the major bullish scenario should remain intact.

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