The EURUSD had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term with potential intraday range to be closely watched between 1.2970 – 1.2800. The double top bearish phase also remains intact. Price has been moving sideways since Tuesday ahead of ECB rate decision/press conference and FOMC meeting. A clear break above 1.2970 could trigger further bullish pressure testing 1.3000 – 1.3100 region. On the downside, key major support remains around 1.2750 area and the lower line of the bullish channel. A clear break below that area will interrupt the bullish outlook and activate my bearish intraday mode.
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