EURUSD Forecast:

The EURUSD was very volatile yesterday. Price attempted to push lower, bottomed at 1.2111 but whipsawed to the upside, topped at 1.2352 and closed lower at 1.2230. On h4 chart below we can see that price still move inside the bearish channel indicating the major bearish scenario remains intact but the significant downside rejection as price is getting closer to 1.2000 area could be a serious threat to the technical bearish view at least in nearest term. The bias is neutral in nearest term. I will pay attention to 1.2350 resistance and 1.2150 support area today. Break above 1.2350 could be a serious threat to the bearish scenario while another movement below 1.2150 could trigger another downside pressure testing 1.2000 but still vulnerable to another buying on dips activity  as some people might see 1.2000 – 1.2100 area as a good area to start buying the Euro again.

Related Posts:

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  • EURUSD Daily Forecast: June 01
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  • EURUSD Daily Forecast: March 01
  • Daily Forecast for Crosses: June 02
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