EURUSD Forecast:

The EURUSD made indecisive movement on Friday. On daily chart below we can see that after made a false breakdown on November 03, price now retreat to the upside, traded above the trendline indicating potential further bullish scenario with 1.4950 – 1.5060 as nearest target before 1.5300. Immediate support at 1.4850 – 1.4800 area. Break below that area should diminish my bullish outlook but as long as the pair stay above the trendline, I prefer a bullish scenario.

On fundamental side, after worse than expected NFP and unemployment rate on Friday, the risk aversion had not enough power to reduce optimism about economy recovery and Dollar failed to gain significant momentum.  For me this fact means nothing but investors strong belief that recovery is in the right track and might ready to buy more riskier assets and high yield currencies which should continue put pressure on the Greenback.