The EURUSD was indecisive on Friday. The bias is neutral in nearest term. My overall intraday bias remains to the downside after the fall from 1.4246 and the break below the trend line support but price is still in a bullish correction phase since bounced from 1.3607. We have a good intraday resistance around the 38.2% Fibonacci retracement of 1.4246 – 1.3607 as you can see on my hourly chart below. Immediate support is seen around 1.3750 which located around the 23.6% Fibo retracement. A clear break below that area could trigger further bearish pressure testing 1.3700 – 1.3650 but need a clear break below 1.3607 to stop the bullish correction phase, at least targeting 1.3500 region. On the upside, a clear break and daily close above the 38.2% resistance and 1.3870 could continue the bullish phase testing the 61.8% Fibonacci retracement which located around 1.4000 even higher.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.