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EURUSD Forecast The EURUSD continued its bullish momentum yesterday, topped at 1.4524 and closed at 1.4507.  The bias is bullish in nearest term, but so far price still unable to make a significant breakout above 1.4520/40 resistance area as you can see on my hourly chart below. So actually from hourly chart point of view, price still trapped in the range area of 1.4520/40 – 1.4436 and need a clear break above 1.4520/40 to continue the bullish scenario testing 1.4577 before targeting 1.4695. On the downside, a failure to make a clear break above 1.4520/40 could lead price to a minor downside correction testing 1.4436 support area. I do not expect any move below that area as it would diminish the current strong bullish bias but as long as price stays above the trend line support my overall intraday bias remains to the upside.

EURUSD Forecast The EURUSD continued its bullish bias yesterday, slipped above my descending triangle as you can see on my daily chart below, hit 1.4436. This fact is a serious threat to the bearish phase since the fall from 1.4939, keep the bullish intraday bias remains strong testing July 03 high at 1.4577. This bullish momentum is a part of the bullish warning since the appearance of the hammer formation on July 12th and the rejection to move below 1.3850 support area last week. Immediate support is seen around 1.4330 followed by 1.4281. A clear break below 1.4281 would stop the current bullish intraday outlook and could create a bearish pressure as we could have another false breakout above the triangle.

EURUSD Forecast The EURUSD was unable to continue the bullish momentum yesterday. While my daily/h4 chart outlook remains unclear, we have a descending triangle formation on the hourly chart as you can see on my chart below suggests a potential bearish intraday outlook especially if price able to make a clear break below the triangle and 1.4110 testing 1.4000 support area. Immediate resistance is seen around 1.4170 – 1.4200. A clear break above that area would cancel the descending triangle bearish scenario testing 1.4280 region.

EURUSD Forecast The EURUSD had a significant bullish momentum last week and now slipped above the triangle as you can see on my h4 chart below. This fact could lead us to a new bullish phase not only testing 1.4695 – 1.4750 this week but also open the door for a retest of 1.4939 region. The bias remains bullish in nearest term. Immediate support at 1.4500. A clear break below that area could lead us to neutral zone in nearest term but only a break below 1.4450/00 support area could stop the current strong bullish intraday outlook.

EURUSD Forecast The EURUSD failed to continue its bearish momentum yesterday after found a support around the lower line of the triangle as you can see on my h4 chart below and now struggling around 1.4320. Overall, from an h4 chart point of view, as long as price moves inside the triangle we have no clear direction. A clear break above 1.4320 would stop my intraday bearish outlook testing 1.4441 and the upper line of the triangle. Immediate support at 1.4250. A clear break below that area could trigger further bearish pressure testing 1.4200 – 1.4150 area. The lower line of the triangle and 1.4000 is the key support at this phase. We need a clear break below that area to continue the bearish scenario testing 1.3800.  On the upside, a clear break above the triangle might change the overall outlook back to bullish.

EURUSD Forecast The EURUSD failed to continue the bullish momentum yesterday, slipped below 1.4320 support area and broke below the bullish channel as you can see on my hourly chart below. This fact stops the bullish momentum since the appearance of the inverse H&S formation. The bias is bearish in nearest term testing 1.4190 support area. Immediate resistance at 1.4320/40. A clear break above that area would change the intraday bias back to bullish, reactivate my bullish mode and keep the inverse H&S bullish scenario remains strong, still testing 1.4496. On the other hand, a clear break below 1.4190 would open the door for another retest of 1.4000 strong/psychological support area.