EURUSD Forecast: Key support taken out, further downside risk in play

EURUSD Forecast: Key support taken out, further downside risk in play
The EURUSD had a significant movement yesterday, finally breaks below 1.1215 – 1.1185 key support area, bottomed at 1.1141 following a violation to the minor bullish channel as you can see on my H1 chart below. The bias remains bearish in nearest term testing 1.1120/00 region (June 2017 low) which is a good place to buy for counter trend traders looking for an upside correction opportunity. Immediate resistance resides around 1.1185 – 1.1215, the former key support now become resistance, which is a good place to sell. A clear break and daily close back above that area would interrupt the bearish run and could trigger further upside pullback but as long as stay below 1.1325 the overall technical bias remains to the downside and sell on rally is the better action to take.