EURUSD Forecast:

The EURUSD attempted to push higher yesterday, topped at 1.2682  but whipsawed to the downside, bottomed at 1.2517 and closed at 1.2533. The bias is bearish in nearest term. However note that 1.2500 might be a significant support at this phase as we know the last time price hit that area, it made an upside correction to 1.3093. Immediate support at 1.2460 area. Break below that area could trigger further bearish momentum towards 1.2386 region before testing 1.2300. Initial resistance at 1.2605. Break above that area could trigger further upside correction testing 1.2685 but I prefer a bearish scenario at this phase with short on rallies strategy.

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