EUR/USD Daily Forecast

Wednesday, August 11, 2010

The EURUSD attempted to push lower yesterday, bottomed at 1.3074, closed higher at 1.3175 and now traded lower again 1.3105 at the time I wrote this comment. Overall we are still in bullish phase but if there are times when price will make potential significant downside correction, now is one of those times. Like I said, we are now in a tricky phase. The bias is neutral in nearest term but further downside pullback still potential from here testing 1.3045/00 region especially if price able to move consistently below 1.3105. Bullish may re-gain its momentum again only if able to stay consistently above 1.3250.