The EURUSD was corrected higher on Friday after US NFP data, topped at 1.2454 and closed at 1.2430. The bias is neutral in nearest term but overall I remain bearish. The current short term bullish correction is not a big surprise and should be short-lived. Immediate resistance is seen around 1.2500. I don’t expect any movement above that area as it could trigger further bullish pullback testing 1.2620/41 and could interrupt the bearish outlook. Immediate support is seen around 1.2360. A clear break below that area could trigger further bearish pullback retesting 1.2287 or lower.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.