EUR/USD Daily Forecast

Thursday, July 29, 2010

The EURUSD made another indecisive movement yesterday, formed another Doji on daily chart. Price still unable to consistently move above 1.3000 and we know that it is a very strong resistance, which could produce bullish exhaustion and downside consolidation unless price able to break above 1.3045 area, targeting 1.3120 before testing 1.3270 - 1.3340 region. The bias remains neutral in nearest term but overall we are still in bullish phase. Immediate support at 1.2900 - 1.2880 area. Break below that area could trigger further bearish momentum testing 1.2735 key support area.