EURUSD Forecast

The EURUSD was volatile but indecisive yesterday. Price attempted to push lower, slipped below 1.3384 but whipsawed to the upside and testing 1.3565 earlier today in Asian session. On my h4 chart below we can see price still trapped in range area of 1.3384 – 1.3565 and need a clear break from the range area to see clearer direction. My major bearish technical outlook remains intact but my hourly chart shows a bullish view especially if price able to make a clear break above 1.3565 testing 1.3630/50 region. Immediate support is seen around 1.3480. A clear break below that area could lead price to neutral zone in nearest term testing 1.3420 support area, but we still need a clear break and daily close below 1.3384 to continue the major bearish scenario testing 1.3250 and 1.3050.

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