The EURUSD had another volatile but indecisive market yesterday, made another Doji on daily chart. The bias remains neutral in nearest term. Overall price is still in a bearish phase since the fall from 1.4939 but we have a violated falling wedge formation as you can see on my hourly chart below suggests potential threat to the current short term strong bearish outlook testing 1.4518 resistance area ( 38.2% Fibonacci retracement of 1.4939 – 1.4253) especially if price able to move consistently above 1.4415/38 (23.6% Fibonacci retracement of 1.4939 – 1.4253). Immediate support at 1.4320. A clear break below that area would change the intraday bias to bearish testing 1.4253 support area and keep the bearish phase testing 1.4150 – 1.4000 intact.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.