EURUSD Forecast

The EURUSD attempted to push higher yesterday, topped at 1.3212 but further bullish pressure was rejected and slipped below 1.3075 and the trend line support earlier today as you can see on my h4 chart below. This fact is a threat to the bullish scenario. From another technical perspective we also have H&S bearish formation especially if price able to make a clear break below 1.3075. A daily close back below 1.3000 would give further confirmation to this bearish scenario at least testing 1.2930 area. Immediate resistance is seen around 1.3100. A clear break above that area could give another chance for the bullish scenario but would need a clear break above 1.3212 (the right shoulder) to cancel the H&S bearish scenario and continue the bullish scenario. Price is in critical technical point and I think it is better not to rush jumping into the market.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.