EURUSD Forecast

The EURUSD continued its bearish pressure last week, closed at 1.2514 on Friday. Price gapped higher earlier today in Asian session, opened at 1.2565 and hit 1.2596. There are no changes in my technical outlook. The bias remains bearish in nearest term still testing 1.2500 important support area. A clear break and daily close below that area could continue the bearish scenario testing 1.2400 or lower. Immediate resistance remains around 1.2620/41. A clear break above that area could lead price to neutral zone in nearest term as the current short term strong bearish trend will be interrupted but overall my major outlook remains bearish as a part of the bearish scenario since broke below the descending triangle and movement below 1.3000.


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