EURUSD Daily Forecast: May 11

By @ibtimes on

EURUSD Forecast

The EURUSD had another volatile but indecisive market yesterday, made another Doji on daily chart. The bias remains neutral in nearest term. Overall price is still in a bearish phase since the fall from 1.4939 but we have a violated falling wedge formation as you can see on my hourly chart below suggests potential threat to the current short term strong bearish outlook testing 1.4518 resistance area ( 38.2% Fibonacci retracement of 1.4939 – 1.4253) especially if price able to move consistently above 1.4415/38 (23.6% Fibonacci retracement of 1.4939 – 1.4253).  Immediate support at 1.4320. A clear break below that area would change the intraday bias to bearish testing 1.4253 support area and keep the bearish phase testing 1.4150 – 1.4000 intact.

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