EURUSD Daily Forecast: May 11

By IBTimes Staff Reporter | May 11 2012 1:49 AM

EURUSD Forecast

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The EURUSD attempted to push higher yesterday, topped at 1.2978 but closed lower at 1.2932 and hit another fresh low at 1.2904 earlier today. The bias remains bearish in nearest term still testing 1.2880/50 region. Immediate resistance remains around 1.2980 – 1.3000. A clear break above that area could lead price to neutral zone in nearest term testing 1.3042/64. As you can see on my h4 chart below we have a falling wedge formation suggest potential bullish pullback especially if price able to break above the wedge and 1.3000 but overall I remain bearish and still prefer to sell on rallies.

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