EURUSD Daily Forecast: January 16

By @ibtimes on

EURUSD Forecast

The EURUSD attempted to push higher on Friday, topped at 1.2877 but whipsawed to the downside, closed at 1.2677 and hit 1.2625 earlier today in Asian session. This fact canceled the double bottom bullish pullback scenario and looks like price is ready to continue the major bearish scenario testing 1.2500 major support. The bias is bearish in nearest term. Immediate resistance is seen around 1.2700. A clear break above that area could lead price to neutral zone in nearest term testing the minor trend line resistance (white, see my h4 chart below) and 1.2800/57  resistance area but any upside correction now is normal and overall I remain strongly bearish on this pair.

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