EURUSD Daily Forecast: August 12

By @ibtimes on

EURUSD Forecast

The EURUSD was volatile up and down yesterday, but closed relatively higher at 1.4214 after touched the lower line of my triangle as you can see on my h4 chart below. The bias is neutral in nearest term and overall there are no changes in my technical outlook where price remains in consolidation phase and a non trending situation. CCI in a neutral area but still moves below the zero level suggests another downside pressure since the fall from 1.4400 on Wednesday might happen again retesting the lower line of the triangle but as long as price moves inside the triangle, my technical direction remains unclear. Immediate support is seen around 1.4150 followed by 1.4100 and the lower line of my triangle. A clear break below 1.4100 and the triangle might lead us out from the current trendless market to a new bearish scenario. Immediate resistance is seen around 1.4250 – 1.4300. A clear break above that area could trigger further bullish pressure testing 1.4400 and keep price a little bit longer in this consolidation phase.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.

Join the Discussion