EURUSD Forecast

The EURUSD attempted to push lower earlier today in Asian session, hit 1.2884 but corrected higher traded around 1.2925 at the time I wrote this comment. The bias remains bearish in nearest term especially if price able to make another strong break below 1.2884 testing 1.2828 – 1.2800 support area before targeting 1.2700 – 1.2600 this week as the head and shoulders bearish scenario would have further validation. Immediate resistance at 1.2970. Break above that area could lead us to neutral zone in nearest term testing 1.3020 resistance area but any upside correction after strong bearish movement last week is normal and my major technical outlook remains strongly bearish for the single currency.

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