EURUSD Daily Forecast: May 08

EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.1894. The bias is bearish in nearest term testing 1.1850 region. Immediate resistance is seen around the upper/resistance line of a bearish channel as you can see on my H1 chart below located around 1.1970 area (which is also the D1 EMA 200). A clear break and daily close above that area would interrupt the current bearish run testing 1.2050 region. On the downside, a clear break and daily close below 1.1850 would expose 1.1750 region (weekly EMA 200).