EURUSD Forecast

The EURUSD continued its bearish intraday bias on Friday after a false breakout above the triangle as you can see on my daily chart below and hit 1.4186 earlier today in Asian session. The bias is bearish in nearest term testing the lower line of the triangle and 1.4102. A clear break below 1.4102 would open the door for further bearish pressure testing 1.4000 key support area. Immediate resistance is seen at 1.4285 region (61.8% Fibonacci retracement of 1.4102 – 1.4577). A clear break above that area could lead us to neutral zone in nearest term testing 1.4350 resistance area. Overall price is still consolidating, moving inside the triangle and need a clear break from the triangle to see clearer direction.

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