EURUSD Forecast

The EURUSD had a strong bullish momentum on Friday, topped at 1.4246 but fell sharply earlier today in Asian session slipped below 1.4000. As you can see on my hourly chart below price is testing the trend line support. The bias is bearish in nearest term but as long as price stays above the trend line support my overall bullish intraday outlook should remain intact. A clear break and daily close below the trend line support and 1.3950 would be a threat to the bullish outlook testing 1.3850/00 support area. Immediate resistance is seen around 1.4100. We need a clear break above that area to keep the bullish scenario remains strong.

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