EURUSD Daily Forecast: February 17

By @ibtimes on

EURUSD Forecast

The EURUSD made another volatile movement yesterday but overall still maintain its bullish correction phase after strong rejection to move below 1.3470 support area. The bias is bullish in nearest term testing the trend line resistance and 50% Fibo retracement of 1.3860 – 1.3427 around 1.3650. For me, as long as price stays below 1.3650 the current bullish move still considered as corrective move and don’t forget that overall price still trapped in range area of 1.3800 (1.3860) – 1.3500 (1.3420) and still looking for a new direction.  A clear break above 1.3650 could trigger further bullish momentum testing 1.3743 which would open the door for further bullish scenario testing 1.3800 – 1.3860. Immediate support at 1.3520. Clear break below that area would change the intraday bias to bearish testing 1.3470 – 1.3420 but only a clear break below 1.3420 would confirm the bearish scenario targeting 1.3250.

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

.

Join the Discussion