EURUSD Forecast
The EURUSD failed to maintain its bullish momentum yesterday, closed back below the minor trend line resistance as you can see on my H4 chart below and hit 1.0840 earlier today. The bias is bearish in nearest term testing 1.0835/00 as a part of the false breakout bearish scenario. A clear break below 1.0800 could trigger further bearish pressure testing 1.0710 region. Immediate resistance is seen around the minor trend line resistance and 1.0920/50 area. A clear break and daily close above that area could trigger further bullish pressure testing 1.1060 region. While price has been moving sideways for the last 5 weeks, as long as stays below the major trend line resistance I prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell.
