EURUSD Forecast

The EURUSD gapped up earlier today in Asian session opened at 1.3308, 70 pips higher from Friday’s close. The bias is neutral in nearest term. My overall technical bias remains to the downside, still testing 1.3145 area. However, note that there is a major trend line support as you can see on my weekly chart below which is located around 1.3145 area. Price is in another major critical technical phase where a clear break and daily close below 1.3145 and the trend line support could trigger further bearish scenario below 1.3000. Immediate resistance is seen around 1.3420. A clear break above that area could trigger further upside pullback but any bullish correction now is normal as price already in oversold condition and only a clear break above 1.3590 – 1.3613 could stop the bearish intraday outlook.

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