EURUSD Forecast

The EURUSD had a bearish momentum yesterday after broke below the rising wedge formation as you can see on my hourly chart below, bottomed at 1.2650 and hit 1.2644 earlier today. This fact could end the bullish correction especially if price able to make a clear break below 1.2641/25 support area testing 1.2550 – 1.2500 region. Immediate resistance is seen around 1.2750 (former support). A clear break back above that area could lead price to neutral zone in nearest term but overall I remain bearish and still prefer to sell on rallies. On longer time frame perspective, the strong bearish outlook can only be stopped by a movement at least above 1.2875 – 1.3000.

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