The EURUSD had a significant bullish momentum last week by convincingly closed above 1.3500 key resistance area (now support). This fact leads us to a new bullish technical phase testing 1.3800 – 1.4000 this week. I know there are some people who are still pessimistic about Euro fundamental condition and think that the current bullishness is irrational and Euro will finally back to the downside sooner or later. Maybe it’s true in the future, but as traders we should react to any facts and real price action we are seeing now which suggests a bullish view. Immediate support at 1.3550. Break below that area could lead us to neutral zone in nearest term but as long as price stays above 1.3500 I still prefer a bullish scenario at this phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.