EURUSD Daily Forecast: July 02

EURUSD Forecast

The EURUSD had a strong bullish momentum on Friday after market reacted positively on EU summit result, topped at 1.2691. This fact turned my intraday bias to a bullish view testing 1.2750, but my medium term bias remains neutral and long term outlook remains bearish as long as stays below 1.3000. Immediate support is seen around 1.2550. A clear break back below that area could lead price to neutral zone in nearest term and once again proves that any “good news” from the Euro zone only creates short-lived bullish momentum retesting 1.2400 key support area.  The US Dollar is currently under pressure, not only against the Euro but also against Cable and Aussie Dollar.

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