EURUSD Daily Forecast: September 09

By swibowo
09 September 2010 @ 01:09 am EDT

EURUSD Forecast:

The EURUSD slipped below my trend line support yesterday, but further bearish pressure was rejected and whipsawed to the upside, topped at 1.2762 and closed at 1.2720. The bias is neutral in nearest term but this fact force me to assume that the bullish correction remains intact. Immediate resistance at the minor trend line resistance (red) and 1.2762 (yesterday’s high). Break above that area could trigger further bullish momentum testing the 1.2854 (September 01 high). On the downside, we still need a clear break below the trend line support and 1.2650 area to end the bullish correction and continue the major bearish scenario at least testing 1.2588 – 1.2523.

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