EURUSD Forecast    
The EURUSD had a bearish momentum yesterday bottomed at 1.1194 and hit 1.1179 earlier today in Asian session. Price fell below the trend line support as you can see on my H4 chart below suggests a potential bearish correction outlook. The bias is bearish in nearest term testing 1.1160. A clear break below that area could trigger further bearish pressure testing 1.1080 key support which is a good place to buy with a tight stop loss. Immediate resistance is seen around 1.1240. A clear break back above that area could lead price to neutral zone in nearest term retesting 1.1285 which need to be clearly broken to the upside to continue the bullish scenario targeting 1.1350 region or higher. Overall I remain bullish but a clear break and daily/weekly close below 1.1080 would nullify my bullish bias and activate my neutral mode.

eurusdh4

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One thought on “EURUSD Daily Forecast: June 09”

  1. Alysa Sage says:

    Happy Friday,

    I’m currently a bear on this pair. I was bullish because I misread the COT Report. It looks like the bullish trend was led by the bears taking profit ahead of the ECB meeting. Now that the meeting is over and the Euro seems to have a bearish outlook with a downward revision in inflation and slow growth over the next two years, I’m waiting for the COT Report to see what changes have been made by large holders. I expect it to move lower because of this week’s meeting, so I’ll be looking for signs of a bearish confirmation. If the COT Report shows that more people are shorting the Euro and there hasn’t been a significant change in long positions, I think it will go past 1.11 and possibly head lower after consolidating/ranging. Just a thought and second look on the pair, but hope it helps.

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