EURUSD Daily Forecast: January 09

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By swibowo | January 9, 2014 4:49 PM EST

Fx Instructor

EURUSD Forecast    

The EURUSD had a bearish momentum yesterday bottomed at 1.3553. The bias is bearish in nearest term. As you can see on my daily chart below, price is testing the lower line of the bullish channel. A clear break and daily close below the bullish channel and 1.3550 – 1.3500 could be a threat to the major bullish scenario and could be an early signal of a bearish reversal scenario after the false breakout above 1.3850, testing 1.3400 or lower. Immediate resistance is seen around 1.3600. A clear break above that area could lead price to neutral zone in nearest term testing 1.3650 which need to be clearly broken to the upside to give the major bullish scenario another chance.

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