The EURUSD had a bearish momentum last week after unable to break above 1.3400 and broke below the bullish channel as you can see on my h4 chart below. The bias remains bearish in nearest term testing 1.3000 – 1.2973 strong support area. Immediate resistance is seen around 1.3130 – 1.3163. A clear break above that area could lead price to neutral zone in nearest term. On the downside, a clear break and daily close below 1.3000 could trigger further bearish scenario testing 1.2880 area or lower.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.