The EURUSD had another volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3057 but closed higher at 1.3116. The bias remains neutral both in nearest and medium term and direction remains unclear. From another technical perspective as you can see on my h4 chart below price is moving inside a descending triangle suggests a bearish view but still need a clear break below 1.3000 to continue the bearish scenario. As long as moving above 1.3000, any upside pullback testing the upper line of the triangle should not be a big surprise. EMA 200 indicator is flat on hourly chart but still moving above price on h4 and daily chart suggests a major bearish outlook. I still prefer to sell on rallies. Immediate resistance is seen around 1.3150 followed by 1.3211 – 1.3240.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.