The EURUSD made a convincing bullish correction yesterday, topped at 1.3237 and hit 1.3258 earlier today in Asian session. If you look at the daily chart, its the first convincing bullish candle since December 13 and so far I think its a normal correction and major scenario remains bearish with 1.3000 1.2900 support area to be tested. On h4 chart below we can see price is moving in triangle formation indicates consolidation. The bias is bullish in nearest term testing 1.3300 and the upper line of the triangle. A clear break above the triangle could be a technical threat to the bearish outlook, but note that false breakout remains highly potential. Immediate support at 1.3200 1.3170. A clear break below that area could trigger further bearish pressure re-testing 1.3100 1.3060 strong support area.
The GBPUSD also made a significant bullish correction yesterday, topped at 1.5516 and hit 1.5528 earlier today in Asian session. The bias is bullish in nearest term testing 1.5650 resistance area since a bounce from major trend line support could trigger strong upside pullback, but the major scenario remains to the downside as long as price moves inside the bearish channel and any bullish movement now should be considered as a counter trend moves. Immediate support at 1.5450. Clear break below that area could trigger further bearish pressure testing 1.5400 1.5350 support area but looks like we still have some room inside the bearish channel for further potential upside correction especially if price still move above the trend line support.
The USDJPY continued its bearish momentum yesterday, broke below the trend line support as you can see on my h4 chart below and hit 81.28 earlier today in Asian session. The bias is bearish in nearest term testing 80.00 for the two remaining days of 2010. Immediate resistance at 81.66 (current high). Break above that area could lead us to neutral zone in nearest term but overall the pressure remains to the downside.
The USDCHF made another strong bearish momentum yesterday bottomed at 0.9438 and hit 0.9415 earlier today in Asian session. The bias remains bearish in nearest term testing 0.9350. Immediate resistance at 0.9475. Break above that area could lead us to neutral zone in nearest term and may lead us to further upside consolidation in this end of the year testing 0.9550 resistance area.
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