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EURUSD Daily Forecast: June 10 |
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Written by Administrator
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Thursday, 10 June 2010 |
EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2072 but
unable to consistently move above 1.2050, and closed lower below 1.2000
psychological area. The Euro has been moving in rapid bearish movement
since December 2009 from 1.5140, so any upside pressure is normal at
this phase as price already in oversold area. We need a clear break
below the minor bullish channel (blue channel) to continue the bearish
scenario testing 1.1800 and 1.1600 area. As you can see on my h1 chart
below, price has to move above the minor trendline resistance (red) to
continue the bullish correction scenario. We still have some space for
the upside correction in nearest term while market is still volatile,
but the main scenario remains to the downside. Immediate resistance at
1.2050/70 followed by 1.2150 region.
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