EURUSD Forecast

The EURUSD continued its bearish intraday bias yesterday, bottomed at 1.4225 and slipped below the triangle as you can see on my daily chart below. This bearish momentum is a part of the bearish scenario after the false breakout above the triangle. This fact could create further bearish scenario testing the lower line of the bullish channel and 1.4100 – 1.4000 region as the bearish correction phase since the fall from 1.4939 remains intact. Immediate resistance is seen around 1.4300. A clear break above that area could lead price to neutral zone in nearest term but as long as price stays below 1.4400 I still prefer a bearish intraday scenario at this phase.

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

.