The EURUSD had another indecisive movement last week. Price attempted to push lower bottomed at 1.4102, but found a support at the lower line of the triangle as you can see on my h4 chart below, closed higher at 1.4282 on Friday and hit 1.4316 earlier today in Asian session. While my short term technical bias has changed to bullish after the bounce from the lower line of the triangle and a slip above 1.4290 – 1.4300 area testing 1.4370 – 1.4400, there are no changes in my technical outlook and as long as price stays inside the triangle the direction is unclear and price is still in consolidation phase. Immediate support is seen around 1.4250 – 1.4200. A clear break below that area could change the intraday bias back to bearish retesting 1.4150 – 1.4100 support area. Three Dojis in the last three weeks simply suggests unclear direction and inconsistent momentum and I will keep stand aside for now.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.