The EURUSD failed to continue its bearish momentum yesterday after found a support around the lower line of the triangle as you can see on my h4 chart below and now struggling around 1.4320. Overall, from an h4 chart point of view, as long as price moves inside the triangle we have no clear direction. A clear break above 1.4320 would stop my intraday bearish outlook testing 1.4441 and the upper line of the triangle. Immediate support at 1.4250. A clear break below that area could trigger further bearish pressure testing 1.4200 – 1.4150 area. The lower line of the triangle and 1.4000 is the key support at this phase. We need a clear break below that area to continue the bearish scenario testing 1.3800. On the upside, a clear break above the triangle might change the overall outlook back to bullish.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.