EURUSD Forecast:

The EURUSD attempted to push lower yesterday, bottomed at 1.2177 but whipsawed to the upside and closed significantly higher at 1.2343. We still have the volatility, where price attempted to push lower during Asian and European market but recovered significantly during US session. The bias is neutral in nearest term but we are still in a major bearish scenario. On h4 chart below, the upside correction found a good resistance around 38.2 Fibo retracement. The candle in the circle (which is not complete yet at the time I wrote this comment) could give us a clue for today. If the candle close below the 38.2% area, the bearish scenario could resume re-testing 1.2177 before testing 1.2000 region. On the other hand, if price close above the 38.2% area, further upside correction may resume testing 1.2480 – 1.2500 area. Immediate support at 1.2280 followed by 1.2177.

Related Posts:

  • EURUSD Daily Forecast: May 24
  • EURUSD Daily Forecast: May 25
  • Daily Forecast for Crosses: May 26
  • Daily Forecast for Crosses: April 09
  • EURUSD Daily Forecast: May 18
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