EURUSD Forecast

The EURUSD failed to continue its bearish momentum yesterday, slipped above 1.3826. A quick look at the daily chart reveals that price has been moving sideways between 1.3870 – 1.3600 area since Tuesday and need a clear break from the range area to see clearer direction. The bias is neutral in nearest term and I think I will stand aside for now waiting for further development. I still prefer a bearish scenario at this phase but a clear break above 1.3870 could trigger further bullish pressure testing 1.3950 – 1.4000 area. Immediate support is seen around 1.3750. A clear break below that area could trigger further bearish pressure but only a clear break and daily close below 1.3600 could continue the bearish scenario and reactivate my bearish mode testing 1.3500 region as a part of the bearish scenario since the breakdown below the trend line support on Monday. Fundamental focus is on the US NFP today.

 

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