EURUSD Daily Forecast: May 09 2016

EURUSD Daily Forecast: May 09 2016

9 May 2016, 04:20
Roberto Jacobs
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EURUSD Daily Forecast: May 09 2016

EURUSD Forecast

The EURUSD attempted to push higher last week topped at 1.1616 but whipsawed to the downside and closed lower at 1.1401. The appearance of the shooting star formation near the upper line of the bullish channel as you can see  on my daily chart below suggest a potential bearish pullback scenario this week. The bias is bearish in nearest term testing 1.1275 – 1.1200 region. Immediate resistance is seen around 1.1430. A clear break above that area could lead price to neutral zone in nearest term testing 1.1475 – 1.1500 area.

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