EURUSD Daily Forecast: April 02

EURUSD Forecast
The EURUSD was indecisive last week. Price attempted to push higher topped at 1.2476 but whipsawed to the downside and closed lower at 1.2320. Price is moving inside a rising wedge formation as you can see on my H4 chart below. The bias is neutral in nearest term probably with a little bearish bias testing the support line of the rising wedge located around 1.2280 which is a good place to buy with a tight stop loss as a clear break below 1.2280 would confirm the rising wedge bearish scenario testing 1.2175 key support. Immediate resistance is seen around 1.2360. A clear break above that area could trigger further bullish pressure testing 1.2400/20 area. My major outlook remains bullish but price is still trapped inside a 360-pip range area between 1.2537 – 1.2175 for 11 weeks now.

Rising wedge chart pattern: eur/usd