EURUSD Daily Forecast: June 08

EURUSD Forecast
The EURUSD continued its bullish momentum yesterday, topped at 1.1839 but closed a little bit lower at 1.1798. The bias is neutral in nearest term but price is still moving above the EMA 200 and the trend line support as you can see on my H1 chart below, suggests a valid bullish correction phase. Immediate support is seen around 1.1770. A clear break below that area could trigger further bearish pressure testing 1.1725 support area and the trend line support which need to be clearly broken to the downside to invalidate the current bullish correction bias and reactivate my major bearish mode. Immediate resistance is seen around 1.1850. A clear break and daily/weekly close above that area would resume the bullish correction phase targeting 1.2000 region next week.