The EURUSD attempted to push higher yesterday topped at 1.3143 but closed lower at 1.3071. There are no changes in my technical outlook. Price has been moving sideways since Monday without clear direction and momentum. As long as stays below 1.3130 – 1.3163 the nearest technical bias remains to the downside as a part of the bearish outlook since broke below the bullish channel last week, but from a broader view as long as stays above 1.3000 price is still in a sideways condition, moving between 1.3000 – 1.3484 in the last ten weeks. On the upside, a clear break above 1.3163 could trigger further bullish pullback testing 1.3200 – 1.3240 resistance area. On the downside, we need a clear break below 1.3000 – 1.2973 strong support area to continue the bearish scenario testing 1.2880 or lower.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.