EUR/USD Daily Forecast

Thursday, July 22, 2010

The EURUSD had a significant bearish momentum, slipped below the minor trendline support, indicating potential bearish view in nearest term testing 1.2670 - 1.2600 region. However note that overall we are still in upside correction phase and only a movement below the major bullish channel and 1.2465 support area could be considered as potential bullish failure. I will keep stand aside for now. Immediate resistance at 1.2800. Consistent move above that area could trigger further upside pressure testing 1.2880 - 1.2900 area.