EURUSD Daily Forecast: May 17

By @ibtimes on

EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.4243 but closed lower at 1.4144. On hourly chart below we can see since the strong break below the range area price made some upside pullback but still making lower highs before continue the bearish run and hit new daily lows.  From this point of view, yesterday’s bullish pullback was normal and the current strong bearish outlook remains intact especially if price able to make a clear break below 1.4123/50, still targeting 1.4000 which is a key support level at this phase. Immediate resistance at 1.4243 (yesterday’s high). I don’t expect another bullish pullback above that area as it could diminish the current strong bearish outlook testing 1.4330/50 resistance area and activate my wait and see mode.

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