EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.2618 but whipsawed to the downside and closed at 1.2534, keep the bearish bias remains strong. We have seen strong bearish pressures in the last four weeks broke some important supports and now price is testing another important support around 1.2500/30. A clear break and daily close below that area could trigger further bearish pressure testing 1.2400 region or lower. Immediate resistance is seen around 1.2620/41. A clear break above that area could interrupt the current strong bearish trend. CCI and MACD in oversold area but we know that in a strong trending market indicators can be in extreme oversold/bought condition in a long time. I remain bearish and still prefer to sell on rallies.

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