EURUSD Daily Forecast: May 02

EURUSD Forecast
The EURUSD resumed its bearish momentum yesterday bottomed at 1.1978. The bias remains bearish in nearest term but note that the daily EMA 200 located around 1.1970 is a key support at this phase and we need a clear break below that area to continue the bearish scenario testing 1.1900 or lower. From an H1 chart perspective as you can see on my H1 chart below, price is moving inside a bearish channel after broke below 1.2175 key support (now resistance). The resistance line is located around 1.2060, so a minor bullish pullback testing that area should not be a surprise but should be seen as a good opportunity to sell. As long as stay below 1.2175 the descending triangle bearish scenario on daily chart remains valid and any upside pullback should be seen as a good opportunity to sell.