The EURUSD had a bearish momentum yesterday, continued the bearish short term bias after unable to make further upside pressure testing 1.3500 key resistance area on Friday. While medium term outlook remains neutral as price still moving in a wide range area of 1.3500 – 1.2950/00, nearest term technical bias still suggest more bearish potential especially if price able to make a clear break below 1.3244/50 testing 1.3150 support area. As you can see on my h1 chart below, 1.3250 support area is a key intra-day support level that should be watched closely as any price action around that level could be very important for intra-day trading activity. Immediate resistance at 1.3320. A failure to make a clear break below 1.3250 and break above 1.3320 could trigger further bullish momentum re-testing 1.3450 – 1.3500 key resistance area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.