EURUSD Forecast

The EURUSD still able to maintain its bullish intraday bias so far and now struggling around the trend line resistance as you can see on my h1 chart below. The bias remains bullish in nearest term but would need a convincing move above the trend line resistance and a clear break above 1.3650 (50% Fibo retracement of 1.3860 – 1.3427) to continue the bullish scenario targeting 1.3743 before  testing 1.3800 – 1.3860 key resistance area. Immediate support at 1.3540. A failure to make a clear break above the trend line resistance and a consistent move below 1.3540 would change the intraday bias to bearish testing 1.3470 – 1.3420 key support area.

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

.