EURUSD Forecast:

The EURUSD continued its bearish momentum on Friday, bottomed at 1.2365 and closed at 1.2378. Technically in longer term view, this fact could trigger further bearish scenario targeting 1.2000 area this week after convincing move below the major trendline support and only a movement above 1.2500 could diminish the bearish outlook. Immediate support at 1.2280 area. Break below that area could trigger further bearish momentum targeting 1.2200 region. Initial resistance at 1.2420 area. Break above that area could trigger further upside correction but the main scenario remains bearish and I still prefer short on rallies strategy at this phase.

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