EURUSD Forecast
The EURUSD attempted to push higher yesterday, slipped above 1.0969 but again, failed to move consistently above that area and whipsawed to the downside and closed at 1.0883. The bias is neutral in nearest term. Immediate support is seen around 1.0850. A clear break below that area could trigger further bearish pressure testing 1.0800 area. On the upside, 1.0969 remains a key intraday resistance. A clear break and daily close above that area could trigger further bullish pressure testing 1.1060 and the trend line resistance which remains a good place to sell. Fundamental focus today will be on ECB press conference. Price has been moving sideways without clear direction for almost 7 weeks now. We will have some high impact news/data release today and tomorrow which expected to be a market catalyst to give a clearer direction and better trade opportunities. Technically, as long as stays below the trend line resistance I still prefer a bearish scenario.
