The EURUSD had a bullish momentum on Friday and now testing the upper line of the triangle and 1.4500 key resistance area as you can see on my h4 chart below. My hourly chart outlook shows bullish bias, but note that we need a clear break above the triangle and 1.4500 region to continue the bullish scenario so no need to rush. Until we have a clear break from the triangle the overall outlook remains unclear. A clear break and daily close above the triangle could lead price out from the wide ranging condition, at least testing 1.4695 (June’s high). Immediate support is seen around 1.4400 – 1.4350.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.