EURUSD Forecast

The EURUSD continue its bearish momentum yesterday. The bias remains bearish in nearest term but need consistent move below 1.2240 to continue the bearish pressure testing 1.2150 and the lower line of the major bullish channel (blue channel). Note that as long as price move inside the major bullish channel the upside correction scenario remains intact. So we still have conflicting bias between nearest and medium term. Price has been moving in a minor bearish channel (white channel) since failed to stay consistently above 1.2450 resistance area on Monday. Violation to that minor bearish channel and movement above 1.2300 – 1.2350 area could lead us into neutral area in nearest term.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.