The EURUSD bullish momentum was paused on Friday after unable to make a break above 1.3860 key resistance area. The bias is neutral in nearest term. Although overall we are still in a bullish phase since bounced from 1.3528 last week, we need a clear break above 1.3785 to continue the upside pressure retesting 1.3860. Immediate support at 1.3700 – 1.3690. A clear break below that area would change the intraday bias to bearish testing 1.3650 – 1.3600. On the upside, a clear break above 1.3860 would change the weekly bias to bullish, testing 1.4000 – 1.4250 region.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.