The EURUSD was indecisive yesterday. Price slipped above 1.3361, topped at 1.3382 but still unable to stay consistently above 1.3361 so far and hit 1.3319 earlier today in Asian session. The bias is neutral in nearest term. I still prefer a bearish intraday scenario as long as price stays below 1.3361. A clear break and daily close above 1.3361 could trigger further bullish pullback testing 1.3520 resistance area. Although so far I have no plan of buying the Euro until a clear movement above 1.3680, my intraday stop loss will be very tight above 1.3361/80. Immediate support is seen around 1.3280. A clear break below that area could trigger further bearish pressure testing 1.3230 – 1.3200 which would keep the major bearish scenario remains strong testing 1.3050 – 1.3000 region.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.