The EURUSD had a bearish momentum on Friday, bottomed at 1.3472 and closed at 1.3508. The bullish scenario after price violated the major bearish channel remains intact but clearly has started to lose some momentum. Immediate support at 1.3450/35 area. Consistent move below that area should trigger further bearish pressure re-testing 1.3267 key support area even 1.3100 this week. Initial resistance at 1.3540 area. Break above that area should keep the bullish scenario intact testing 1.3620 and 1.3691 area.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.