EURUSD Forecast

The EURUSD continued its bullish intraday bias on Friday, topped at 1.3794 and closed at 1.3749 since a strong upside rebound after a false break below 1.3500 on Thursday. The bias remains bullish in nearest term especially if price able to make another break above 1.3794 testing 1.3870 but as long as stays below 1.3870 (50% Fibo retracement of 1.4246 – 1.3482) my bearish scenario since the fall from 1.4246 and the breakdown below the trend line support should remain intact. Immediate support is seen around 1.3700 – 1.3670. A clear break below that area could lead price to a neutral zone in nearest term testing 1.3600 area but need at least a clear break back below 1.3600 to keep the bearish scenario strong retesting 1.3500 – 1.3482 support area even lower. Like I said in my weekly summary on Saturday, EMA 200 on h4 chart has been flat since October suggests a non trending market with no clear momentum/direction.

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