EURUSD Forecast

The EURUSD was corrected higher yesterday, topped at 1.4132 but traded lower earlier today in Asian session and hit 1.4032. On hourly chart below we can see price break below the minor trend line support (red) after failed to move above 1.4140 resistance area suggests potential bearish intraday outlook retesting 1.4000 key support area and yesterday’s bullish pullback must be seen just as a normal corrective move while my medium/short term outlook remains strongly to the downside. A clear break below 1.4000 could trigger further bearish scenario testing 1.3860 – 1.3750 this week. Immediate resistance at 1.4098 (current high). Another movement back above that area would lead us to neutral zone in nearest term retesting 1.4140 but as long as price stays below 1.4230 I still prefer a bearish scenario at this phase.

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