EURUSD Daily Forecast: May 07

EURUSD Forecast
The EURUSD resumed its bearish momentum week bottomed at 1.1907 as a part of the descending triangle bearish scenario. I still prefer a bearish scenario at this phase but we haven’t seen a clear break below the daily EMA 200 (1.1970) so far, which halts the bearish pressure. The bias is neutral in nearest term. Immediate resistance is seen around 1.2000. A clear break above that area could trigger further bullish pullback testing 1.2050 region. On the downside, we need a clear break below 1.1907 to resume the bearish phase targeting 1.1750 region (weekly EMA 200) this week.