EURUSD Forecast:

The EURUSD attempted to push higher yesterday, topped at 1.3093 but whipsawed to the downside, bottomed at 1.2758 and closed at 1.2784. On h1 chart below we can see that price is now testing the lower line of the minor bullish channel and struggling around the major weekly trendline support indicating critical technical phase. A violation to the minor bullish channel and another movement below the major trendline support could trigger further weakness for the Euro. Immediate support at 1.2715. Break below that area could trigger further bearish momentum targeting 1.2640 before re-testing 1.2500 region. Initial resistance at 1.2850. Break above that area could trigger another upside pullback testing 1.2900 – 1.3000 area but the main scenario remains bearish.

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