The EURUSD was unable to continue its bullish intraday momentum yesterday and slipped back inside the triangle earlier today in Asian session, hit 1.4469, testing 1.4450/00 support area. The bias is neutral in nearest term but as long as price stays above 1.4450/00 my overall intraday bias remains to the upside and any downside pullback now is normal and should be seen as a corrective movement. However, a clear break below 1.4400 would stop the intraday bullish bias and activate my wait and see mode as direction would become unclear. On the upside, immediate resistance remains around 1.4550 region. A clear break above that area would keep the bullish intraday bias remains strong testing 1.4695 – 1.4750 resistance area.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.