EUR/USD December 2, 2011 Outlook

In the near term look for a neutral outlook, With a push thru 1.3543 my overall Bearish outlook remains the same, the market makers and liquidity providers were having a field day with traders at US market pre open pushing price to the top of the channel. Immediate support remains around 1.3420/00 area. A clear break below that area could trigger further bearish pressure testing the lower line of the bullish channel but we need a clear break below the bullish channel and 1.3300 – 1.3270 support area to end the current bullish correction phase and continue the bearish scenario. Immediate resistance is seen around 1.3520/30 area. A clear break and daily close above that area could continue the bullish correction.