EURUSD Daily Forecast: May 04 2016

EURUSD Daily Forecast: May 04 2016

4 May 2016, 05:19
Roberto Jacobs
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EURUSD Daily Forecast: May 04 2016

EURUSD Forecast  

The EURUSD attempted to push higher yesterday topped at 1.1616 but whipsawed to the downside and closed lower at 1.1495, formed a shooting star candle stick formation as you can see on my daily chart below. The bias is bearish in nearest term testing 1.1400 area. Immediate resistance is seen around 1.1550. A clear break above that area could lead price to neutral zone in nearest term retesting 1.1616. Overall price is still in a bullish phase, but the upper line of the bullish channel and 1.1700 region remains a good place to sell targeting the lower line of the bullish channel and the appearance of the shooting star formation might give us a valid warning of potential bearish pullback.

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