EURUSD Forecast:

The EURUSD attempted to push lower yesterday, bottomed at 1.2772 but dragged higher after Sterling strengthen against Dollar on better than expected UK retail sales number, topped at 1.2902 and closed lower at 1.2821, still in volatile but indecisive market. On h1 chart below we can see price is moving inside a triangle indicating consolidation so far. The major bullish scenario remains intact as long as price move inside the major bullish channel. Break to the upside of the triangle and 1.2930 resistance area could trigger further recovery testing 1.3000. Immediate support at 1.2700/35 area. Break below that area could be a serious threat the the bullish outlook.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.