EUR/USD Daily Forecast

Monday, July 19, 2010

The EURUSD attempted to push higher on Friday but found good resistance around 1.3000 psychological/key level, closed lower at 1.2926 and hit 1.2882 earlier today in Asian session. The bias is neutral in nearest term but overall we are still in upside correction phase. Immediate resistance at 1.2950 area. Consistent move above that area could trigger further upside momentum re-testing 1.3000 before testing 1.3120 region. On the downside, initial support at 1.2840. Break below that area could trigger further bearish pressure testing 1.2750.