EURUSD Forecast:

The EURUSD had a significant recovery yesterday, topped at 1.2596 but closed lower at 1.2487, still in a high volatile market. The Dollar rally was stopped by bad data in the last two days. The SNB intervention buying the Euro and rumor about the ECB intervention also responsible to this bullish sentiment although we have no substantial progress on the Euro zone debt crisis. Regardless of how we see the fundamental situation and rumors in the market, technically this fact could open the door for further upside recovery testing the major trendline support. The bias is bullish in nearest term targeting 1.2630 area even 1.2700 region but I still believe that the main scenario remains to the downside. Immediate support at 1.2400. Break below that area could wane the upside recovery.

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