The EURUSD continued its bullish momentum yesterday, topped at 1.4475 as a bullish continuation after bounced from the lower line of the triangle as you can see on my hourly chart below. The bias remains bullish in nearest term testing 1.4500/77 region and the upper line of the triangle. A clear/valid breakout from the triangle could lead price to a new bullish phase testing 1.4695. Price has been moving in a consolidation phase especially in the last three weeks and we need a breakout from the triangle to see clearer direction. Immediate support is seen around 1.4400 – 1.4370. A clear break back below that area could lead price to a neutral zone in nearest term testing 1.4300 – 1.4270 support area and keep price in consolidation a little bit longer.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.