EURUSD Forecast:

The EURUSD continued its bearish momentum yesterday, bottomed at 1.2523 and closed at 1.2619 but corrected higher earlier today in Asian session, touched 1.2677. The bias is neutral in nearest term and I am anticipating some upside correction after significant bearish, but the main scenario remains to the downside and I am still in bearish mode especially if price able to break minor support around 1.2550 area today, re-testing 1.2520 region. Break below 1.2520 could continue bearish pressure targeting 1.2450 area before testing 1.2300 region in longer term of view. On the upside, immediate resistance at 1.2690. Break above that area could trigger further upside correction testing 1.2770 region but any upside pullback won’t be a surprise.  Looks like investors are getting more pessimistic about the global recovery which lead “safe haven” instruments like Yen, Dollar and Gold gain significantly.

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