The EURUSD attempted to push higher on Friday, topped at 1.2452 but whipsawed to the downside, bottomed at 1.2268 and closed at 1.2306. This fact keep the major bearish scenario testing 1.2000 intact but as you can see on mt h1 chart below price still move inside the minor bullish channel indicating the bullish correction is still alive and kicking. Immediate support at 1.2260 area. Consistent move below that area could trigger further bearish pressure testing 1.2140/50 area which is a key support area that must be broken before testing 1.2000. On the upside, initial resistance is seen around 1.2450/70 area. Break above that area could trigger further upside pressure testing 1.2671 region. It is still a difficult and volatile market out there so don’t rush jump into the market and stay discipline with your own trading criteria. Plan your trade and trade your plan.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.