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EURUSD Daily Forecast: May 06
EURUSD Forecast
The EURUSD attempted to push higher last week topped at 1.3241 but closed lower at 1.3119. The bias is neutral in nearest term. Important intraday range to be closely watched is seen between 1.3160 – 1.3036. We have a “head and shoulders” formation as you can see on my hourly chart below suggests a potential bearish view. The shooting star formation on daily chart also suggests a potential bearish view or at least a pause in bullish outlook. On the upside, a clear break above 1.3160 could trigger further bullish pressure testing 1.3200/40 key resistance area. A clear break and daily close above that area could trigger further bullish pressure testing 1.3300/20 and keep the bullish phase remains intact. On the downside, key support remains around 1.3000 – 1.2950.
Source: http://www.fxinstructor.com/blog/eurusd-daily-forecast-may-06-3
