The EURUSD attempted to push lower yesterday, bottomed at 1.3104 but closed a little bit higher at 1.3148. The bias is neutral in nearest term and overall price is still consolidating without clear direction and momentum. I still prefer a bearish scenario at this phase with sell on rallies strategy, but as long as stays above 1.3000 strong support area another bullish attempt testing the upper line of the descending triangle and 1.3300 – 1.3350 is still wide open. Immediate support is seen around 1.3100. A clear break below that area could trigger further bearish pressure testing 1.3050 – 1.3000. Immediate resistance is seen around 1.3170. A clear break above that area could trigger further bullish pressure testing 1.3211 – 1.3240/50 resistance area.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.