EURUSD Daily Forecast: February 16

The EURUSD continued its bearish momentum yesterday bottomed at 1.1128 but traded a little bit higher hit 1.1179 earlier today after touched the daily EMA 200 as you can see on my daily chart below. The bias remains bearish in nearest term testing  the daily EMA 200 and 1.1070 support area. There are two scenarios we can have at this point. First, buying around 1.1120 – 1.1070 area with a tight stop loss targeting 1.1500 considering the bullish outlook since the breakout above the trend line resistance is still valid. Secondly is to sell if price breaks and closes below the daily EMA 200 and 1.1070 targeting 1.0800 or lower.