EURUSD Forecast:

The EURUSD continued its bearish momentum yesterday, bottomed at 1.2167 and closed at 1.2173. I said that the candle in the circle could give us a clue, and it did. Although we saw some upside attempts, price finally going down after the candle closed below 38.2% Fibo. This fact should keep the bearish scenario targeting 1.2000 area intact. However price is already oversold so watch out for potential upside correction. Immediate resistance at 1.2250. Break above that area could trigger further upside correction testing 1.2293 and 1.2364 resistance area but I still prefer a bearish scenario with short on rallies strategy.

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