EURUSD keeps the bearish bias

Written December 21, 2011 at 12:06 PM EST by  

The EURUSD has been in a narrow trading range over the last 3-4 hours of trading. The high has been 1.3062. The low 1.3023.  The recent corrective high was just above the 38.2% of the move down from the days high. This keeps the bias more to the downside. Buyers of dips need to prove they have the power to send the price above the 38.2%. If they can’t the bears remain in control. Look for intraday sellers against the 1.3060 level with stops above the level. 

A move above the 1.3060 level should open the door for further upside momentum with the 1.3070 and the close from yesterday at 1.3081 still hurdles for the pair.

Share and Enjoy:
  • RSS
  • Facebook
  • Twitter
  • LinkedIn

No Responses to “EURUSD keeps the bearish bias”

Add a comment