EURUSD Forecast: Bounced from June 2017’s Low, Poised for Higher Pullback
The EURUSD pair edged higher yesterday after bounced-off June 2017’s low at 1.1120, climbed at 1.1187. The fact that 1.1120 support held on Friday despite a better than expected US GDP number gave us a hint of this bullish correction. The bias is bullish in the nearest term testing 1.1215 – 1.1240 area, but key near term resistance lies at the trend line resistance and 1.1280 – 1.1325 area as you can see on my daily chart below. Bear in mind that even though price is in a valid upward correction phase after hit a major support, the Major Bearish trend remains intact thus selling the rally at resistances would be a good plan. Immediate support resides around 1.1150. A clear break back below that level would retest 1.1120 which need to be clearly breached to resume the major bearish bias testing 1.1050/00 area.