The EURUSD attempted to push higher yesterday, topped at 1.2304 but closed lower at 1.2234. On h4 chart below we can see that price is struggling around the lower line of the bullish channel indicating intense battle between buyer and seller around that area. The nearest bias remains bearish but note that we need a break below 1.2150/40 support area to end the bullish correction phase at least testing 1.2000 area. On the upside, immediate resistance at 1.2250 followed by 1.2300. Break above 1.2300 should keep the bullish correction scenario intact.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.