EURUSD Forecast

The EURUSD had a significant bearish momentum yesterday, broke below 1.3607 and hit 1.3513 earlier today in Asian session. The bias is bearish in nearest term testing 1.3500. A clear break below that area could trigger further bearish pressure testing 1.3400 – 1.3350 support area as a part of the bearish scenario since the fall from 1.4246, the breakdown below the trend line support (red) and the break below the range area as you can see on my h4 chart below. Immediate resistance is seen around 1.3607 (former support) followed by 1.3650. A clear break back above that area could lead price to a neutral zone in nearest term as direction would become unclear but as long as stays below 1.3870 I still prefer a bearish scenario at this phase.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.