EURUSD Forecast

The EURUSD was indecisive yesterday. There are no changes in my technical outlook where the overall bias remains to the downside but price has been moving sideways between 1.3420 – 1.3613 since November 11 indicates consolidation phase. I still prefer a bearish scenario and expect a clear break and daily close below 1.3420 to continue the bearish scenario testing 1.3350 and 1.3145. Immediate resistance is seen around 1.3500. A clear break above that area could trigger further upside pullback but as long as stays below 1.3590 – 1.3613 I still prefer to short on rallies.

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