EURUSD Daily Forecast: May 01

EURUSD Forecast
The EURUSD regained its bearish momentum yesterday after a small correction on Friday, bottomed at 1.2062. The bias is bearish in nearest term testing 1.2000 – 1.1970 region as a part of the descending triangle bearish scenario as you can see on my daily chart below. Immediate resistance is seen around 1.2135. A clear break above that area could lead price to neutral zone in nearest term but only a clear break back above 1.2175 would interrupt the descending triangle bearish scenario. On the downside, a clear break and daily close below 1.1970 (daily EMA 200) would expose 1.1900 or lower.