The EURUSD attempted to push higher yesterday, slipped above 1.3160, topped at 1.3196 but whipsawed to the downside, hit 1.3024 and closed at 1.3035. This fact turns my nearest term bias back to a neutral zone but keep the bearish scenario since formed the double top formation around 1.3520/30 and the break below the bullish channel remains strong retesting 1.2947 area. However as long as stays above 1.2947 I think price is still in a consolidation phase and need a clear break below 1.2947 to continue the bearish scenario testing 1.2873 even lower. Immediate resistance is seen around 1.3085 – 1.3100. A clear break above that area would keep the bullish correction intact retesting 1.3160/96 region. I still prefer a bearish scenario at this phase and only a clear break above 1.3281 could change my intraday bias to a bullish mode.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.