EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, slipped below 1.1530 support level but closed higher at 1.1547. The pair surged sharply earlier today in Asian session hit 1.1593 on the news that Italy seeks to cut its budget deficit. Technically, while major outlook remains bearish, we still need a clear break below 1.1530 support area to resume the bearish run. A failure to do so would at least trigger bullish corrections. The bias is neutral in nearest term. Immediate resistance is seen around 1.1600. A clear break above that area could trigger further bullish pullback testing 1.1650 but only a clear break above 1.1725 would invalidate my bearish outlook. On the downside, a clear break and daily close below 1.1530 would expose 1.1430 before retesting 1.1300 area.


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