EURUSD Forecast

The EURUSD was indecisive yesterday, made a Doji on daily chart. On my hourly chart below we can see price is moving in range area of 1.3697 – 1.3560 since the bullish run violated the bearish channel after the promise to recapitalize the banks in the Euro zone. The bias is neutral in nearest term. The market seems hesitate and probably wait and see for further development regarding Greek debt payment deadline on Friday. Many think that Greece will default while others believe that EU policy makers will do everything to help Greece and that makes what will happen on Friday and how market will react extremely interesting. Now let’s back to technical view. I still believe that as long as stays above 1.3520, price is still in a bullish intraday phase since bounced from 1.3145 but a clear break below 1.3560 could trigger further bearish pressure testing 1.3520 key support area which could be a threat to the bullish phase. On the upside, a clear break and daily close above 1.3697 could trigger further bullish momentum testing 1.3787 and 1.3935 area.

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