EURUSD Daily Forecast: January 05

EURUSD Forecast
The EURUSD had a bullish momentum yesterday topped at 1.2088. The bias is bullish in nearest term especially if price able to make a clear break above 1.2090 key resistance testing 1.2175 – 1.2220 area. Immediate support is seen around 1.2040. A clear break below that area could lead price to neutral zone in nearest term testing 1.2000 – 1.1960 region. Overall I remain bullish but need a clear break above 1.2090 to continue the major bullish trend. On the downside, a clear break and daily/weekly close below 1.1960 would activate my neutral mode as a double top formation might be in the making which is a serious threat to the bullish outlook.