EURUSD Daily Forecast: June 03 2016
The EURUSD failed to continue its bullish momentum yesterday and closed back below the daily EMA 200 as you can see on my daily chart below. This fact keeps the shooting star bearish scenario remains alive and kicking and could give another bearish pressure retesting the lower line of the bullish channel and 1.1100 – 1.1050 area which also remains a good place to buy with a tight stop loss. The bias is bearish in nearest term. On the upside, the daily EMA 200 located around 1.1180 remains a key resistance. A clear break and daily/weekly close above that area could trigger further bullish scenario next week. On the downside, a clear break and daily/weekly close below 1.1050 would reactivate my bearish mode targeting 1.0800 region.