EURUSD Forecast

The EURUSD continued its bullish intraday bias yesterday, topped at 1.3889 and now struggling around 1.3860 key resistance area. The bias is bullish in nearest term targeting 1.4000. However, as you can see on my h4 chart below, actually price has not make a convincing move above 1.3860 so far, so although the technical bias is strongly to the upside now, I think it’s very important to be just a little more patient until we have a convincing move above 1.3860 to continue buying the Euro and a clear break above 1.3889 would be an early indication to the bullish scenario, not only targeting 1.4000 but would open the door for further upside scenario testing 1.4250 – 1.4300. Immediate support at 1.3846 (current low). A clear break below that area would lead us to neutral zone in nearest term testing 1.3780 but I think overall the pressure remains to the upside.

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