The EURUSD attempted to push higher yesterday, slipped above 1.4605 but further upside pressure was rejected, closed lower at 1.4549 and hit 1.4492 earlier today in Asian session. My hourly chart shows more bearish bias but looks like price is trapped in a range area of 1.4480 – 1.4647 since Easter. A clear break below 1.4480 could trigger further bearish pullback testing 1.4400 – 1.4380 support area but note that as long as price moves inside the bullish channel the major scenario remains to the upside but need a clear break above 1.4647 to continue the bullish scenario targeting 1.4800 even 1.5000 area. Immediate resistance at 1.4560. A clear break above that area would lead us to neutral zone in nearest term retesting 1.4647.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.