EURUSD Daily Forecast: May 19

 @ibtimes on May 19 2010 12:08 AM

EURUSD Forecast:

The EURUSD attempted to push higher yesterday, topped at 1.2443 but whipsawed to the downside, bottomed at 1.2164 and closed at 1.2201. Technically this fact opens the door for further bearish scenario testing my weekly target around 1.2000 area as I see no more significant technical support or upside correction pattern so far except price already in oversold area. In a bearish market, oversold area should only be seen as a potential correction before continue to push lower. Immediate resistance at 1.2280 area. Unless we have high impact news or data that could pause Dollar strength, I don’t expect any movement higher than that area today. However,  break above that area could trigger further upside correction testing 1.2320 area but I still prefer bearish scenario at this phase with short on rallies strategy.

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