EUR/USD Daily Forecast

Wednesday, August 4, 2010

The EURUSD had a moderate bullish momentum yesterday, topped at 1.3260 and closed a little bit lower at 1.3229. On daily chart below we have another bullish technical evidence where price break above the trendline resistance. The bias is neutral in nearest term but overall we are still in strong bullish phase. We are going to have the NFP on Friday and usually market could become a little bit more unpredictable especially in nearest term. Immediate support at 1.3200 followed by 1.3150. On the upside, a break above 1.3260 could trigger further upside pressure testing 1.3340.