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EURUSD Daily Forecast: March 28

Monday, March 27, 2017 21:33
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EURUSD Forecast    
The EURUSD attempted to push higher yesterday topped at 1.0905 but closed lower at 1.0862. The bias is neutral in nearest term. The bulls are still in control but as you can see on my daily chart below, we have a “shooting star” or pin bar formation after a gap, suggests a potential bearish reversal. That is probably not an ideal “shooting star” or pin bar formation by “text book standard” which required the “tail” to be at least twice the size of the body, but any kind of rejection or failure to break above a key resistance (1.0873) should be seen as a warning of a bearish reversal (false break). Immediate support is seen around 1.0800. A clear break and daily close back below that area would give further confirmation of the bearish reversal scenario testing 1.0600 region this week. On the upside, a clear break and daily close above 1.0905 would nullify the “shooting star” bearish reversal scenario targeting 1.1000 or higher.



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