EURUSD Forecast

The EURUSD continued its bearish momentum yesterday after broke below the bullish channel as you can see on my h4 chart below, bottomed at 1.2769 and hit 1.2762 earlier today. The bias remains bearish in nearest term testing September 2010 low at 1.2643. Immediate resistance is seen around 1.2857 (former support/low). A clear break back above that area could lead price to neutral zone in nearest term but any upside pullback now is normal and as long as stays below 1.3000 my overall intraday bias remains strongly bearish. On the downside, major support area is seen at the EMA 200 on monthly chart which located around 1.2500.

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

.