The EURUSD was unable to make a clear break above 1.4518 yesterday and corrected lower hit 1.4406 earlier today in Asian session. The CCI bearish divergence gave us a valid signal of bullish exhaustion and bearish correction. The bias is bearish in nearest term testing 1.4350. A clear break below that area could open the door for further bearish pullback testing 1.4250. However, note that the current bearish intraday bias should be seen as a counter trend/corrective move and the major bullish outlook remains intact/strong as long as price still moves inside the bullish channel as you can see on my h4 chart below. Immediate resistance at 1.4470. A clear break above that area would lead us to neutral zone in nearest term but only a clear break above 1.4518 could end the current bearish correction phase at least testing 1.4550 – 1.4600 area.
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