EURUSD Daily Forecast: August 17
17 Aug, 2012 @ 02:49 am BST | By swibowo
The EURUSD failed to continue its bearish momentum yesterday after found a good support around the lower line of the bullish channel as you can see on my h4 chart below, topped at 1.2371. The bias is neutral in nearest term but this fact keeps the bullish correction phase remains intact testing 1.2400/40 resistance area. Price has been moving sideways this week and there is no significant movement/momentum so far. On the downside, key support area remains around the lower line of the bullish channel and 1.2250 – 1.2200 region which needs to be broken to the downside to end the bullish correction phase and continue the major bearish scenario.
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