The EURUSD failed to continue its bearish momentum yesterday, unable to stay consistently below 1.3100 and hit 1.3190 earlier today. The bias is bullish in nearest term testing 1.3200. A clear break above that area could trigger further bullish pressure testing 1.3290 – 1.3320 resistance area but overall the double top bearish scenario remains intact and I still prefer to sell on rallies at this phase. A clear break above 1.3290 – 1.3320 would be a threat to the double top bearish scenario testing 1.3480, keep my medium term outlook remains unclear this week and EMA 200 in flat condition (h4 chart). Immediate support is seen around 1.3130 (former resistance). A clear break below that area would give another chance for the bearish scenario testing 1.3000.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.