EURUSD Weekly Summary
The EURUSD had a bullish momentum this week and now struggling around the upper line of my triangle formation as you can see on my daily chart below. Price is now in a critical technical point. My overall intraday bias is now bullish. A clear break above the triangle and 1.4550 resistance area could trigger further bullish scenario at least testing 1.4695 region. On the downside, immediate support is seen around 1.4450 – 1.4400. A failure to make a break above the triangle and clear break below that support area would keep my medium term outlook unclear and give another chance for another downside attempt testing 1.4320 even the lower line of the triangle.
Have a great weekend and see you guys next week.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.