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EURUSD Daily Forecast: October 01
EURUSD Forecast
The EURUSD continued its bearish momentum last week, bottomed at 1.2802 as a part of the bearish phase after formed a double top formation but traded higher and hit 1.2851 earlier today. The bias is bearish in nearest term challenging the lower line of the bullish channel and 1.2750 – 1.2700 support area. As long as stays inside the bullish channel, the bullish outlook since bullish movement from 1.2041 should remain intact. Although short term bias is bearish, buying near the lower line of the bullish channel is a good idea with a tight stop loss below the bullish channel as a clear break below the bullish channel will interrupt the bullish outlook and activate my bearish mode. Immediate resistance is seen around 1.2900. A clear break above that area could lead price to neutral zone in nearest term testing 1.2950 – 1.3000 resistance area.
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2012-10-01 13:49:37
Source: http://www.fxinstructor.com/blog/eurusd-daily-forecast-october-01-2
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