EURUSD Forecast
The EURUSD had a bearish momentum yesterday bottomed at 1.2298 after broke below the neckline of the head and shoulders formation as you can see on my H1 chart below. The bias is bearish in nearest term but note that the technical target of the H&S formation has been reached and we need a clear break below 1.2298 to extend the bearish phase testing 1.2250 region. Immediate resistance is seen around 1.2350 area. A clear break above that area could lead price to neutral zone in nearest term testing 1.2380 – 1.2400 region. On the downside, a clear break and daily/weekly close below 1.2250 would expose 1.2175 key support which remains a good place to buy with a tight stop loss as a clear break below that area would invalidate my major bullish outlook.

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