EURUSD Daily Forecast: October 03

EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.2966 but closed lower at 1.2910 and hit 1.2893 earlier today. The bias is neutral in nearest term. There are no changes in my technical outlook. Overall price is still in a bearish phase after formed a double top formation (1.3170) but as long as moving inside the bullish channel the major bullish scenario since bounced from 1.2041 also remains intact. Key intraday resistance is seen around 1.3000. A clear break and daily close above that area could trigger further bullish pressure testing 1.3100 area. On the downside, key major support is seen around the lower line of the bullish channel and 1.2800 – 1.2750. A clear break below that area could be a threat to the bullish outlook and activate my bearish mode.

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