The EURUSD has been moving in volatile but indecisive market for the last 48 hours. After the confirmation of “head and shoulders” bearish reversal scenario, now price is moving in a new bearish channel as you can see on my h4 chart below. This bearish outlook can only be cancelled by a movement above the right shoulder of the H&S formation which is around 1.2930 and violation to the bearish channel. Immediate resistance at 1.2730 followed by 1.2770. We will have some high impact data from the Euro zone and US today. The Euro usually move higher after data release lately but the bullish moves were short lived. Tricky market, but I am still on the bearish side.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.