EURUSD Forecast

The EURUSD was indecisive yesterday. However the bias remains bearish in nearest term testing January low at 1.2873 as a part of the bearish scenario since formed the double top formation around 1.3520/30 and the break below the bullish channel as you can see on my h4 chart below. Immediate resistance is seen around 1.3050/63. A clear break above that area could lead price to neutral zone in nearest term testing 1.3100 – 1.3145 but any upside correction is normal and only a clear break above 1.3281 would postpone the current strong bearish intraday outlook.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.