The EURUSD attempted to push higher yesterday, slipped above 1.3800, topped at 1.3826 but whipsawed to the downside and hit 1.3664 earlier today in Asian session. This fact keeps the intraday bearish bias since the breakdown below the trend line support on Monday remains strong testing 1.3600. A clear break and daily close below 1.3600 could trigger further bearish scenario testing 1.3500 area. Immediate resistance is seen around 1.3760. A clear break above that area could lead price to neutral zone in nearest term testing 1.3826 (yesterday’s high). I don’t expect any movement above 1.3826 at this phase as it could trigger further bullish pressure testing 1.3900/50 which would be a threat to the current bearish outlook.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.