EURUSD Forecast: Bullish Correction Set to Challenge the Trendline Resistance

EURUSD Forecast: Bullish Correction Set to Challenge the Trendline Resistance
The Greenback extended its losses yesterday as the single currency continued to gain momentum since the failure to clear 1.1120 support area last week, hit 1.1229. Although the current squeeze higher is nothing but a counter trend move, the upward momentum showing no signs of ending. The bias remains bullish in the near term. After taking out resistance at 1.1175, immediate upside correction target lies at the trendline resistance which is an area runs from 1.1290 to 1.1250 as you can see on my daily chart below. Above that, 1.1325 could be the final defense for the major bearish theme. Immediate support is seen around 1.1175 (former/broken resistance, now support). A clear break back below that level could neutralized the near term bullish fashion to retest 1.1120 key support. However, note that any movement near the June 2017’s low could bring in fresh buyers.