The EURUSD had a strong bearish momentum on Thursday and Friday after break below the range area and hit 1.4308. There were some upside pullback earlier today in Asian session but as long as price stays below 1.4518 resistance area my intraday bias remains more to the downside now testing 1.4150 – 1.4000 support area. A clear break back above 1.4518 would lead price to neutral zone in nearest term as direction would become unclear testing 1.4600. The major bullish scenario remains intact but I think we need to see a clear break above 1.4900 to see further bullish scenario testing 1.5000. Huge movement forces our support/resistance much wider but we must keep our risk –reward ratio in a good level.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.