EURUSD Forecast
The EURUSD failed to continue its bullish momentum yesterday bottomed at 1.0711. The bias is bearish in nearest term testing 1.0700 – 1.0670 and the lower line of the bullish channel but price is still unable to make a clear break below the hourly EMA 200 so far as you can see on my hourly chart below. Immediate resistance is seen around 1.0770. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish correction scenario remains alive and kicking testing 1.0820 – 1.0850 area. On the downside, a clear break below the bullish channel could end the bullish correction phase and continue the major bearish scenario testing 1.0500 region.
