EURUSD Forecast:

The EURUSD was recovered significantly yesterday, topped at 1.2393 and closed at 1.2359. I have been watching interesting reaction between Fibo retracement levels and the close price of h4 candle. As you can see on my h4 below, the last h4 candle still closed below the 38.2% Fibo retracement indicating good resistance around that level so far which keep the bearish scenario intact. However we had strong bullish momentum yesterday, so although the main scenario remains bearish, I will wait until we have a candle closed below the 23.6% Fibo (1.2274) area before thinking about short position testing 1.2140/50 region. On the other hand, if we have a candle that closed above the 38,2% Fibo (1.2350) , further bullish momentum targeting 1.2412 and 1.2472 can be expected before re-testing 1.2671 region.

Related Posts:

  • EURUSD Daily Forecast: May 26
  • EURUSD Daily Forecast: May 27
  • Daily Forecast for Crosses: May 24
  • GBPUSD Daily Forecast: September 16
  • EURUSD Daily Forecast: February 17
  • ©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

    .