The EURUSD continued its bearish momentum yesterday after unable to make a clear break above 1.4415/38 resistance area, bottomed at 1.4171 and closed at 1.4206. The bias is bearish in nearest term especially if price able to make another clear/strong break below 1.4171/50 targeting 1.4000. Since the fall from 1.4939 we have been seeing important supports were broken one by one by strong bearish pressure and so far there is no sign of Euro recovery and no significant support until 1.4000. Immediate resistance at 1.4250/80. A clear break above that area would lead us to neutral zone in nearest term but only a clear break at least above 1.4500 could stop/pause the current strong bearish outlook.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.