EURUSD Forecast

The EURUSD slipped above 1.3669 yesterday, topped at 1.3687, which is the 50% Fibo retracement of 1.3680 – 1.3507 but still unable to stay consistently above 1.3669 so far. Overall there are no significant technical changes and price still trapped in range area of 1.3500 – 1.3800 suggests that price still in consolidation phase, still looking for a new direction. After the false breakout above 1.3800, overall bias should remains to the downside for now unless price breaks above 1.3687 which would change the intraday technical bias to bullish re-testing 1.3800 after the failure to break below 1.3500 on Monday. Immediate support at 1.3600 – 1.3570. Break below that area could trigger further bearish pressure re-testing 1.3500.

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