EURUSD Forecast
The EURUSD was volatile yesterday but overall still able to maintain its bearish bias, hit 1.3422 earlier today in Asian session.  The bias remains bearish in nearest term testing 1.3350 even 1.3145. Immediate resistance is seen around 1.3520/50 area. A clear break above that area could lead price to a neutral zone in nearest term but as long as stays below 1.3590 I still prefer a bearish intraday scenario at this phase. Price is in oversold condition and any upside pullback now is normal but my strategy remains to short on rallies. A clear break and daily close back above 1.3590 would stop the current strong intraday bearish outlook and activate my wait and see mode but only a clear break above 1.3870 would cancel the bearish technical outlook.


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