EURUSD Forecast

The EURUSD was volatile yesterday, but overall still maintain its strong intra-day bullish bias after unable to break below 1.3250 support area. The bias is bullish in nearest term testing 1.3500 key resistance area. So far the bullish momentum looks very strong and seems ready to test 1.3500 but note that as long as price stays below 1.3500 medium outlook remains neutral. In fact, some people may be interested in selling the Euro around 1.3500 area due to a good risk-reward ratio there. However, a clear break above 1.3500 would be an early sign of a bullish reversal scenario with potential bullish target at least around 1.3800 and activate my bullish mode. Immediate support at 1.3350. Break below that area could lead us to neutral zone in nearest term re-testing 1.3250.

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