EURUSD Forecast

The EURUSD made another volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3572 but closed higher at 1.3678 and almost hit 1.3700 earlier today in Asian session suggests that upside pressure is still alive and kicking. On h4 chart below we can see 1.3625 – 1.3550 region is a good support area at this phase where buyers were seen protecting the technical bullishness. A friend told me that the Euro should go down due to bad fundamental condition and he was trying to find potential high point to short the pair. I told him: “That’s OK as long as you cut your losses quickly, but I don’t see a good short opportunity until price go back below 1.3500 – 1.3450 support level.” On the upside, a clear break above 1.3700 could trigger further upside momentum targeting 1.3800 area before testing 1.4000.

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

.