EURUSD Daily Forecast: June 01 2016

EURUSD Daily Forecast: June 01 2016

1 June 2016, 05:34
Roberto Jacobs
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EURUSD Daily Forecast: June 01 2016

EURUSD Forecast   

The EURUSD attempted to push higher yesterday topped at 1.1173 but whipsawed to the downside and closed lower at 1.1130 and hit 1.1117 earlier today. The bias is bearish in nearest term testing the lower line of the bullish channel and 1.1100 – 1.1050 area which remains a good place to buy with a tight stop loss. On the upside, key intraday resistance remains around 1.1180 (daily EMA 200). A clear break and daily close above that area could trigger further bullish pressure testing 1.1250 or higher. On the downside, a clear break and daily close below 1.1050 would reactivate my bearish mode targeting 1.0800 area.

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