EURUSD Forecast

The EURUSD continued its bullish momentum, break above 1.4340 and hit 1.4405 earlier today in Asian session. The bias remains bullish in nearest term testing 1.4420/70 resistance area (50% Fibonacci retracement of 1.4939 – 1.3968). A clear break above that area would be a threat to the medium term bearish outlook since the fall from 1.4939 testing 1.4560. Immediate support at 1.4340/20 (former resistance). A clear break below that area would lead us to neutral zone in nearest term testing 1.4250 region but as long as price moves inside the bullish channel and above 1.4200 I still prefer a bullish intraday bias at this phase. Only a violation to the bullish channel could be a threat to the current bullish intraday bias retesting 1.4000 strong/psychological support area.

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