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EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2814 and closed at 1.2829. The bias remains bearish in nearest term testing 1.2800 – 1.2750/33 region before testing 1.2625 area as a part of the bearish scenario since broke below the descending triangle. Immediate resistance is seen around 1.2880 – 1.2905 area. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.3000 my overall intraday bias remains to the downside.

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EURUSD Forecast
The EURUSD attempted to push higher last week, topped at 1.3064 but whipsawed to the downside, closed at 1.2914 and hit 1.2878 earlier today. The bias remains bearish in nearest term especially if price able to make another clear break and daily close below 1.2880 testing 1.2800 – 1.2750 region before testing 1.2625 as a part of the major bearish scenario after broke below the descending triangle. Immediate resistance is seen around 1.2950. A clear break above that area could lead price to neutral zone in nearest term testing 1.3000 region. The falling wedge bullish pullback scenario should remain intact especially if price able to break above 1.2950 but any upside momentum now should be seen as a normal corrective movement and overall I remain bearish.

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EURUSD Forecast
The EURUSD was corrected higher yesterday, filled the weekend gap, topped at 1.3064 and closed at 1.3058. The bullish momentum should be seen just as a corrective movement and overall I remain bearish. Immediate resistance is seen around 1.3064/80. A clear break above that area could trigger further bullish correction testing 1.3135/50 resistance area. On the downside, a clear break and daily close below 1.3000 would keep the bearish scenario remains strong testing 1.2880 support area.

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EURUSD Forecast
The EURUSD continued its bearish momentum on Friday closed at 1.3081, slipped below 1.3000 and broke below the descending triangle, hit 1.2960 earlier today. This fact could create further bearish scenario testing 1.2880. Below 1.2880, the next major support (bearish target) is seen at 1.2625 (January’s low). Note that we had a gap earlier today so watch out for a potential bullish pullback testing 1.3080 – 1.3100 resistance area. Overall I remain bearish with sell on rallies strategy.

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EURUSD Forecast
The EURUSD was indecisive yesterday, made a Doji on daily chart but overall still maintain its bullish short term bias and keep making higher lows since bounced from 1.3000. The bias remains bullish in nearest term but note that as long as stays inside the triangle price is still in a consolidation phase within a major bearish context. The upper line of the triangle which now located around 1.3280 – 1.3300 will be a key resistance. A clear break and daily close above that area could cancel the bearish outlook testing 1.3350/80 area or higher. Daily EMA 200 is seen around 1.3350. A clear break and daily close above the daily EMA 200 could give further confirmation of a potential major bullish reversal scenario.  On the downside, we need a clear break and daily close at least below 1.3150 to give the major bearish scenario another chance retesting 1.3000 strong support area. I still prefer to sell on rallies at this phase with a tight stop loss above the triangle.

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EURUSD Forecast
The EURUSD was indecisive last week, but overall still able to maintain its short term bullish bias since bounced from 1.3000 two weeks ago. As you can see on my h4 chart below price is ready to challenge the upper line of the descending triangle which is a key resistance at this phase. The bias is bullish in nearest term testing 1.3300 – 1.3350. A clear break and daily close above 1.3350 could be a beginning of a bullish reversal scenario. On the other hand, a failure to break above the triangle would keep the major bearish scenario remains intact. Immediate support is seen around 1.3229 (current low). A clear break below that area could lead price to neutral zone in nearest term testing 1.3170 – 1.3150 area. A clear break and daily close below 1.3150 could give the major bearish scenario another chance testing 1.3100 – 1.3000. As long as stays inside the triangle I still prefer a bearish scenario with sell on rallies strategy but keep my stop loss tight above 1.3350.

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The EURUSD attempted to push lower this week, bottomed at 1.3104 on Monday but whipsawed to the upside and closed higher at 1.3252 on Friday, keep the intraday bullish bias remain strong. As you can see on my daily chart below price is moving inside a descending triangle formation, suggests a consolidation phase but still in a context of a major bearish outlook. We have seen many false breaks during this consolidation phase, making intraday trading activities a little bit harder. The current short term bullish phase, which is a result of another failure to break below 1.3000, is now challenging the upper line of the triangle, EMA 200 and 1.3300 – 1.3350 key resistance area. From a longer term outlook (although short term bullish bias remains strong), selling around those resistances is not a bad idea. In fact, it is the best place with the best risk reward ratio in current context, targeting 1.3000 or lower with stop loss above 1.3350. On the upside, a clear break and daily/weekly close above the descending triangle and EMA 200 could be an early signal of a major bullish reversal scenario testing 1.3500 – 1.3600 or higher. Immediate support is seen around 1.3170 – 1.3150. A clear break and daily close back below that area could trigger further bearish pressure retesting 1.3000 strong support area.

Have a great weekend and see you guys next week.

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EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.3104 but closed a little bit higher at 1.3148. The bias is neutral in nearest term and overall price is still consolidating without clear direction and momentum. I still prefer a bearish scenario at this phase with sell on rallies strategy, but as long as stays above 1.3000 strong support area another bullish attempt testing the upper line of the descending triangle and 1.3300 – 1.3350 is still wide open. Immediate support is seen around 1.3100. A clear break below that area could trigger further bearish pressure testing 1.3050 – 1.3000. Immediate resistance is seen around 1.3170. A clear break above that area could trigger further bullish pressure testing 1.3211 – 1.3240/50 resistance area.

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EURUSD Forecast
The EURUSD attempted to push lower yesterday but failed to make a clear break below 1.3000 and whipsawed to the upside, hit 1.3146. The bias is bullish in nearest term especially if price able to make another break above 1.3150 testing 1.3211 – 1.3240 area. However note that overall price remains volatile and unclear since last week. I don’t see good technical reason to activate my bullish mode and as long as stays below 1.3240 I still prefer to sell on rallies as a part of the bearish scenario after the break below the bullish channel. On the downside, there is no doubt about the status of 1.3000 level as a strong/key support which need to be clearly broken to the downside to continue the bearish scenario. Immediate support is seen around 1.3070. A clear break below that area could trigger further bearish pressure retesting 1.3000.

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EURUSD Forecast
The EURUSD attempted to push higher last week, topped at 1.3211 but whipsawed to the downside and now testing 1.3000 strong support area. The bias is bearish in nearest term especially if price able to make another clear break below 1.3000 – 1.2973 testing 1.2880. Immediate resistance is seen around 1.3100 – 1.3130. A failure to break below 1.3000 – 1.2973 support area and a movement back above 1.3100 – 1.3130 would keep my medium term outlook in a sideways condition, activate my wait and see mode, but as long as stays below 1.3240 I prefer to sell on rallies at this phase as a part of the bearish scenario since the break below the bullish channel as you can see on my h4 chart below.