EURUSD Forecast

The EURUSD continued its bearish momentum yesterday, bottomed at 1.2360 and hit 1.2357 earlier today. The bias remains bearish in nearest term testing 1.2350 area. A clear break below that area could trigger further bearish pressure testing 1.2300 – 1.2250/00 area as a part of the bearish scenario after broke below the descending triangle and 1.3000. Immediate resistance is seen around 1.2425. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.2500 my overall intraday technical bias remains strongly to the downside and only a movement back above 1.2620/41 will interrupt the current strong bearish trend.

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