EURUSD Forecast:

The EURUSD attempted to push higher yesterday, slipped above the bearish channel but whipsawed to the downside, bottomed at 1.2152 and closed at 1.2160. On h4 chart below we can see that this is the case of a false breakout which usually trigger a significant bearish pressure especially if price able to move consistently below 1.2150 support area targeting 1.2111 before testing 1.2000. Immediate resistance at 1.2230/50 area. Break above that area could trigger another upside pullback testing 1.2325/50 region. The major bearish scenario pass another test and seems ready to challenge psychological strong support area.

Related Posts:

  • EURUSD Daily Forecast: June 02
  • EURUSD Forecast: False breakout, potential downside pressure
  • EURUSD Daily Forecast: May 25
  • EURUSD Daily Forecast: June 03
  • EURUSD Daily Forecast: March 03
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