EURUSD Forecast

The EURUSD continued its bearish momentum yesterday, closed below 1.2947 and hit 1.2886 earlier today in Asian session. The bias is bearish in nearest term testing January low at 1.2873. A clear break and daily close below that area could trigger further bearish scenario testing 1.2800 – 1.2750 support area even lower. Immediate resistance is seen around 1.2947 (former support/low). A clear break back above that area could lead price to neutral zone in nearest term testing 1.3050/70 but any upside pullback now is normal and overall I remain bearish on this pair with sell on rallies strategy.

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