EURUSD Forecast
The EURUSD continued its bearish momentum yesterday bottomed at 1.1117. The bias remains bearish in nearest term. As you can see on my hourly chart below, price is testing the lower line of the bullish channel suggests a critical technical point. Key support area is seen around 1.1100 – 1.1050. A clear break and daily close below that area could be an early signal of bearish reversal scenario. Immediate resistance is seen around 1.1200. A clear break above that area could lead price to neutral zone in nearest term and give another chance to the bullish outlook testing 1.1280 region. A trend is not over until it’s over, so as long as stays inside the bullish channel the bullish outlook should remain valid.
