EUR/USD Daily Forecast

Tuesday, July 27, 2010

The EURUSD touched 1.3000 area yesterday but still unable to move consistently above that psychological/key level so far. On h4 chart below we can see that we may have a triple top formation around 1.3000. Consistent move above 1.3000 could trigger further bullish pressure testing 1.3120 even higher. On the other hand, break below 1.2735 confirms the triple top scenario and could be a serious threat to the current bullish outlook. Immediate support at 1.2950 (23.6% Fibo retracement of 1.2793 - 1.3005). Break below that area could trigger further bearish pullback testing 1.2875 (61.5% Fibo retracement of 1.2793 - 1.3005).