EURUSD Daily Forecast: May 31

EURUSD Forecast
The EURUSD had a strong bullish correction yesterday, topped at 1.1676 after bounced-off 1.1520 support area. The bias is bullish in nearest term. Price is now retesting the trend line resistance as you can see on my H1 chart below which located just below the EMA 200 located around 1.1685. A clear break above the EMA 200 could trigger further bullish correction testing 1.1720/50 area, but note that price has been moving below the EMA 200 for about three weeks now, so a small pullback above the EMA 200 is not a serious threat to the major bearish outlook. Immediate support is seen around 1.1600. A clear break and daily close back below that area would reactivate my bearish mode retesting 1.1520 region.