EURUSD Daily Forecast: August 29

(Before It's News)

EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.2574 and now traded around 1.2540. The bias is bullish in nearest term but watch out for a potential good intraday resistance around 1.2588 (last week’s high) which need to be broken to the upside to continue the bullish scenario testing 1.2625 – 1.2700 region. On the downside, a clear break back below 1.2540 could lead price to neutral zone in nearest term testing 1.2500 or lower but as long as stays inside the bullish channel my overall intraday bias remains to the upside and only a clear break below the bullish channel could end the current bullish correction phase. Overall price is still trapped inside a range area in the last two weeks.

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