The EURUSD had a bullish momentum last week, topped at 1.3226 and closed at 1.3216. The bias is bullish in nearest term especially if price able to make a clear break above 1.3240/50 testing the upper line of the descending triangle and 1.3300 – 1.3350 resistance area. However the major bearish scenario should remain intact and the current short term bullish phase should be seen as a normal corrective movement. Immediate support is seen around 1.3150. A clear break below that area could lead price to neutral zone in nearest term testing 1.3100 – 1.3050 but need a clear break and daily close below 1.3000 and the descending triangle formation to continue the major bearish scenario.
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