EURUSD Forecast

The EURUSD was corrected lower yesterday, bottomed at 1.4556 and closed at 1.4589. The bias is bearish in nearest term testing 1.4500. Like I said yesterday any downside pullback now is normal and overall I still prefer a bullish scenario at this phase. I do not expect any movement below 1.4500 today as it could trigger further downside pullback and diminish the current technical bullishness view and would activate my wait and see mode. Immediate resistance at 1.4650. A clear break above that area would change the intraday bias back to bullish and keep the bullish scenario remains strong targeting 1.4750 before testing 1.4939.

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