EURUSD Forecast

The EURUSD was corrected higher yesterday after failed to make a clear break below 1.3500, hit 1.3652. The bullish correction was a little bit higher/stronger than I had expected, but my overall outlook remains to the downside and only a clear break above 1.3870 would stop the bearish outlook. The bias is neutral in nearest term. Immediate resistance is seen around 1.3650. A clear break above that area could trigger further upside pullback testing 1.3730/50 even 1.3870 as a false breakdown bullish scenario might occur. Immediate support is seen around 1.3550/70. A clear break below that area could trigger further bearish pressure and keep the bearish scenario strong, retesting 1.3500 before targeting 1.3400 – 1.3350.


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