The EURUSD attempted to push lower yesterday, bottomed at 1.4219 but whipsawed to the upside and hit 1.4367 earlier today in Asian session. The bias is neutral in nearest term. Immediate resistance is seen around 1.4400 (38.2% Fibo retracement of 1.4102 – 1.4577). A clear break above that area could change the intraday bias back to bullish testing the upper line of the triangle which is also located around the 23.6% Fibo level at 1.4470 region. Immediate support at 1.4300. A clear break below that area would keep the false breakout bearish scenario remains strong retesting 1.4235/19 support area. From h4/daily chart perspective price remains in a consolidation phase, trapped in the triangle formation.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.