EURUSD Forecast

The EURUSD made another upside attempt yesterday slipped above 1.3650 but again, couldn’t maintain the bullish momentum and now testing 1.3520 support area. As you can see on the red box area on my hourly chart below price has been moving sideways between 1.3650 – 1.3520 in the last three days. The bias remains neutral in nearest term. We need a clear break from the range area to see clearer intraday direction. Although my short term technical bias shows a bearish pressure, actually the breakout above the range has more significant impact to broader outlook as a clear break above 1.3650/80 and consistent movement above the falling wedge could trigger further significant bullish correction while on the other hand a break below the range doesn’t automatically cancel the falling wedge bullish pullback warning. A clear break below 1.3520 could trigger further bearish intraday pressure testing 1.3480 even 1.3400 area. Inconsistent momentum, unclear intraday direction and potential difficult Friday trading are more than enough to keep me out from the market for now.

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