The EURUSD continued its bullish momentum yesterday, topped at 1.4436 and closed at 1.4423. The bias remains bullish in nearest term as price still moving strongly to the upside inside the bullish channel as a result of rejection to move below 1.4000 support area last week testing 1.4470 (50% Fibonacci retracement of 1.4939 – 1.3968). Above that area, the next resistance to be tested is seen around 1.4509 – 1.4560/87. Immediate support remains around 1.4340. A clear break below that area would lead us to neutral zone in nearest term testing 1.4250 but as long as price moves inside the bullish channel my overall intraday bias remains to the upside.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.