EURUSD Forecast:

The EURUSD attempted to push higher yesterday, topped at 1.2072 but unable to consistently move above 1.2050, and closed lower below 1.2000 psychological area. The Euro has been moving in rapid bearish movement since December 2009 from 1.5140, so any upside pressure is normal at this phase as price already in oversold area. We need a clear break below the minor bullish channel (blue channel) to continue the bearish scenario testing 1.1800 and 1.1600 area. As you can see on my h1 chart below, price has to move above the minor trendline resistance (red) to continue the bullish correction scenario. We still have some space for the upside correction in nearest term while market is still volatile, but the main scenario remains to the downside. Immediate resistance at 1.2050/70 followed by 1.2150 region.

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