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Old 03-09-2012, 09:44 PM
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Default EUR/USD: Moving back below 200 EMA, keep the double top bearish scenario intact

The EURUSD was indecisive this week but overall still able to maintain its bearish intraday bias and slipped below 1.3100 on Friday after found a resistance at 1.3290 on Thursday. As you can see on my h4 chart below, price is moving back below the 200 EMA, keep the double top bearish scenario intact. Although we haven’t seen good trending market in the last six week, this fact could trigger further bearish pressure testing 1.3000 – 1.2973 key support area next week. A clear break below that area could create further bearish scenario testing 1.2880 even retesting 1.2625. On the upside, only a clear break back above 1.3290 - 1.3320 could stop the double top bearish scenario.

Have a great weekend and see you guys next week.
FX Instructor, LLC

Last edited by Admin; 03-10-2012 at 02:36 AM.
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