EURUSD Daily Forecast: October 12

EURUSD Forecast

The EURUSD had a bullish momentum yesterday, topped at 1.2951. This fact keeps the major bullish scenario remains strong but short/medium term outlook remains in consolidation phase as price has been moving up and down without clear direction in the last three weeks but overall still making higher lows since bounced from 1.2041 (July’s low). From another technical perspective as you can see on my h4 chart below, price is also moving inside a triangle formation. I still prefer a bullish scenario as long as price is still moving inside the bullish channel and above 1.2800 (daily EMA 200) – 1.2750 key support area. Immediate resistance is seen around 1.2950. A clear break above that area could trigger further bullish pressure testing 1.3000 – 1.3050/70 region. Immediate support is seen around 1.2900. A clear break back below that area could trigger further bearish pressure testing 1.2850 – 1.2800.