The EURUSD had another volatile but indecisive movement yesterday. There are no changes in my technical outlook. Price is still making higher lows since bounced from 1.2160 double bottom formation and the V-bottom pattern also remains valid. I still prefer a bearish scenario at this phase with sell on rallies strategy but a clear break above 1.2330 will interrupt the bearish outlook, confirms further bullish correction scenario testing 1.2400/35 resistance area. On the downside, we need a clear break and daily close below 1.2160/50 to continue the bearish scenario.
©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]
- Kim Kardashian Baby Girl: Suggested Ways Kanye West’s New Born Can Earn Money to Keep Up with the Kardashians [PHOTOS]
- Asus Transformer Infinity Pad, Sony Vaio Duo, Toshiba Satellite, A Look at Intel's Haswell 4th Generation Ultrabooks and Notebooks [Photos]
- 'Fifty Shades of Grey' Movie Casting: Selena Gomez Open to Nude Role, Ready for Anastasia Steele? [PHOTOS]