EURUSD Daily Forecast: March 01 2016

The EURUSD attempted to push higher yesterday topped at 1.0962 but whipsawed to the downside and closed lower at 1.0872. The bias remains bearish in nearest term but note that we have an inverted hammer formation as you can see on my daily chart below suggests a potential bullish pullback especially if price able to make a clear break and daily close above 1.0962 testing 1.1068 area. On the downside, key intraday support is seen around 1.0800. A clear break and daily close below that area could trigger further bearish pressure testing 1.0700 – 1.0600 and the inverted hammer bullish scenario is no longer valid.