The EURUSD had a significant bearish momentum yesterday, fell below the bullish channel as you can see on my h4 chart below and slipped below 1.2550 support area. This fact is a serious threat to the bullish phase. The bias is bearish in nearest term testing 1.2435 especially if price able to move consistently below 1.2550. Immediate resistance is seen around 1.2630. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear, but would keep the bullish phase intact testing 1.2700 – 1.2750 region. Overall, while short term bias turned bearish now, my medium bias is entering a neutral zone so I am not in a bearish mode yet. A clear break and daily close back below 1.2435 – 1.2400 will activate my bearish mode as the long term bearish scenario after broke below 1.3000 is likely to continue.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
Most Popular Slideshows
- 'Game of Thrones'-like Film, 'The Queen of the Tearling,' Casts Emma Watson as Lead Star and Exec Producer [PHOTOS]
- 'Fifty Shades of Grey' Movie Casting: Selena Gomez Open to Nude Role, Ready for Anastasia Steele? [PHOTOS]
- Asus Transformer Infinity Pad, Sony Vaio Duo, Toshiba Satellite, A Look at Intel's Haswell 4th Generation Ultrabooks and Notebooks [Photos]
- Jackie Chan Dead 2013: Where is the Chinese Actor Amid Resurfaced Fake Death Reports? [PHOTOS]