EURUSD Daily Forecast: May 14

The EURUSD attempted to push higher last week, topped at 1.3064 but whipsawed to the downside, closed at 1.2914 and hit 1.2878 earlier today. The bias remains bearish in nearest term especially if price able to make another clear break and daily close below 1.2880 testing 1.2800 – 1.2750 region before testing 1.2625 as a part of the major bearish scenario after broke below the descending triangle. Immediate resistance is seen around 1.2950. A clear break above that area could lead price to neutral zone in nearest term testing 1.3000 region. The falling wedge bullish pullback scenario should remain intact especially if price able to break above 1.2950 but any upside momentum now should be seen as a normal corrective movement and overall I remain bearish.

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