EURUSD Daily Forecast: October 29

EURUSD Forecast

The EURUSD had a bearish momentum last week and slipped below the bullish channel as you can see on my h4 chart below. The bias is bearish in nearest term especially if price able to make a clear break below 1.2890 testing 1.2850/00 area. The major bullish outlook is in a serious threat but I am not in a bearish mode yet. My medium term bias is entering a neutral zone with key support seen at 1.2750. Immediate resistance is seen around 1.2950. A clear break above that area could lead price to neutral zone in nearest term testing 1.2980 – 1.3000 area.