The EURUSD attempted to push higher yesterday, topped at 1.3485 but further upside pressure was rejected, closed lower at 1.3385. There are no changes in my technical outlook where my major technical bias remains bearish but price is still moving inside the bullish channel as you can see on my hourly chart below suggests a bullish correction/consolidation phase and need a clear break and daily close below the bullish channel and 1.3300 – 1.3270 support area to end the bullish correction and continue the bearish scenario testing 1.3145 even lower. Immediate resistance is seen around 1.3420 followed by the double top formation around 1.3520/30. A clear break above 1.3520/30 could trigger further bullish correction testing 1.3613 area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.