The EURUSD opened lower earlier today in Asian session at 1.3680, gap down about 100 pips from Friday’s close price. On hourly chart below we can see the bullish channel has been violated to the downside and price slipped below 1.3735 support area suggests that the bullish correction could be over now and price seems ready to continue the major bearish scenario testing 1.3500 – 1.3400. Immediate resistance is seen around 1.3735. A clear break back above that area could trigger further upside pullback testing 1.3800/25 as price might attempt to fill the gap but overall price is still in a major bearish outlook and I still prefer a bearish scenario at this phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.