EURUSD Forecast

The EURUSD attempted to push higher yesterday but still unable to make a clear break above 1.4000 – 1.4035 key resistance area so far. There are no changes in my h4 chart outlook, where price still consolidating after the strong bullish movement from 1.2873, moving in a range area between 1.4035 – 1.3740 as you can see on my h4 chart below. The bias is neutral in nearest term. Immediate support at 1.3860. A clear break below that area would change the intraday bias to bearish testing 1.3740 key support area. The shooting star bearish scenario seems to lose its momentum now, diminishing the bearish outlook but we still need a clear break above 1.4035 to continue the bullish scenario targeting 1.4150 and 1.4281 this week as the shooting star bearish scenario would no longer valid.

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