EURUSD Forecast

The EURUSD had a moderate bullish momentum yesterday, but still unable to make a clear break and daily closed above the 38.2% Fibonacci retracement of 1.4246 – 1.3607 so far as you can see on my hourly chart below. Price has been moving sideways between 1.3870 – 1.3607 since November 01 and need a clear break from the range area to see clearer direction. I still prefer a bearish scenario at this phase and only a clear break and daily close above the 38.2% Fibo resistance and 1.3870 could cancel my bearish intraday bias, testing 1.4000 area. The bias remains neutral in nearest term, probably with a little bullish bias testing 1.3870. Immediate support is seen around 1.3790. A clear break below that area could trigger further bearish pressure testing 1.3750 – 1.3700 but we still need a clear break and daily close below 1.3607 to continue the bearish scenario and reactivate my bearish mode at least testing 1.3500 region.

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