The EURUSD had a bearish momentum on Friday and moving below 1.3100, hit 1.3084 earlier today. This fact keeps the double top bearish scenario remains valid testing 1.3000 in nearest term. Immediate resistance is seen around 1.3130. A clear break above that area could lead price to neutral zone in nearest term testing 1.3200 area but as long as stays below 1.3290 (Thursday’s high) I still prefer a bearish intraday scenario at this phase with short on rallies strategy.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.