The EURUSD had a significant bullish momentum yesterday after worse than expected US CPI numbers and rumor about ECB intervention, topped at 1.2422 and closed at 1.2412 in a high volatile and tricky market. However earlier today in Asian session the Euro loss some bullish momentum after found resistance around the trendline as you can see on my h1 chart below. The bullish run yesterday didn’t reflect substantial progress in Euro fundamental condition so this upside momentum might be short lived and the main scenario remains to the downside with 1.2000 as potential target especially if price able to break below 1.2143 area, but intervention threat is something we can’t ignore. Immediate support at 1.2260 which should be tested today in order to see sustainable bearish condition. Initial resistance at 1.2500. Break above that area could be a serious threat to the technical bearish view. We will have US unemployment claims and Philly Fed Manufacturing Index today which potentially produce another high volatile market.
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