EURUSD Forecast

The EURUSD was indecisive yesterday. Despite of broad US Dollar strength, this pair still trapped in range area of 1.4881 – 1.4767 as you can see on my hourly chart below. There are no changes in my daily technical outlook where price still in consolidation phase and need a clear break from the range area to see clearer intraday direction. I still prefer a bullish scenario and expect an upside break out still targeting 1.5000, but a clear break below 1.4767 /50 could trigger further downside pullback testing 1.4647 support area but as long as price moves inside the bullish channel the major bullish scenario remains intact.

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

.