The EURUSD was volatile yesterday but finally the bear remains in control and now retesting 1.3500 support area. A clear break below that area could trigger further bearish pressure testing 1.3400 (50% Fibonacci retracement of 1.1875 – 1.4939). From another technical perspective as you can see on my h4 chart below price broke below the symmetrical triangle suggests further bearish scenario. Immediate resistance is seen around 1.3585 – 1.3600. A clear break back above that area could trigger further minor bullish pullback testing 1.3650 but my overall technical bias remains to the downside and I still prefer a bearish scenario at this phase.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.