EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.2623 but closed lower at 1.2520. The bias remains bearish in nearest term still testing 1.2500 support area. Price has been moving sideways between 1.2620/41 – 1.2500 since Thursday and need a clear break from the range area to see clearer direction. I still prefer a bearish scenario at this phase and expect a breakdown below 1.2500 to continue the bearish scenario testing 1.2400 or lower. On the upside, a clear break and daily close above 1.2620/41 will interrupt the strong bearish trend but overall my technical bias remains to the downside.

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