EURUSD Forecast

The EURUSD had a strong bearish momentum yesterday after the ECB press conference bottomed at 1.1098 and hit 1.1070 earlier today. The bias is bearish in nearest term testing 1.1015 and the lower line of the bullish channel as you can see on my H4 chart below, which is also a good place to buy with a tight stop loss as a clear break and daily/weekly close below the bullish channel could end the bullish corrective phase and reactivate my bearish mode. Immediate resistance is seen around 1.1150. A clear break above that area could lead price to neutral zone in nearest term testing 1.1200 or higher. Fundamental focus today will be on French and German Flash manufacturing PMI numbers.

eurusdh4

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