EURUSD Daily Forecast: May 03

EURUSD Forecast
The EURUSD continued its bearish momentum yesterday bottomed at 1.1934. Price slipped below the daily EMA 200 (1.1970) but corrected higher and revisits the daily EMA 200 region earlier today in Asian session. The bias remains bearish in nearest term testing 1.1900 area. Immediate resistance is seen around the resistance line of the bearish channel as you can see on my H1 chart below, located around 1.2000 – 1.2025 area. A clear break above the bearish channel would interrupt the bearish run, but as long as stay below 1.2175 the descending triangle scenario (daily chart) remains valid and any upside pullback should be seen as a good opportunity to sell. On the downside, a clear break and daily close below 1.1900 would expose 1.1750 region.