EURUSD Forecast: Bearish continues ahead of Eurozone economic data

By @ibtimes on

The EURUSD continued its bearish momentum after corrected higher on Monday. On h1 chart below we can see that the ascending triangle bullish correction scenario was failed as price violated the ascending triangle to the downside and had a significant bearish momentum, bottomed at 1.4503 and closed at 1.4536. I always like to see a clear chart patterns because it doesn’t matter whether they are valid or fail, usually give us a clearer direction. Technically this fact should keep my bearish scenario at least towards 1.4450 even 1.4250 this week intact. On the upside, immediate resistance is seen around 1.4600/25 area. Break above that area could trigger further bullish momentum.

On fundamental side, we will have manufacturing and services PMI numbers from the Eurozone which expected to be a catalyst today. Better than expected results should bring the pair higher while worse than expected results should continue the technical bearishness.

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