EURUSD Weekly Summary
Posted 11-06-2009 at 09:04 PM by Setyo Wibowo
EURUSD Weekly summary: Bullish paused after NFP and unemployment rate. Technically upside scenario remains intact.
The EURUSD bullish momentum was paused after worse than expected NFP and unemployment numbers. However, I think yesterday's movement was indecisive. I am not sure whether that was caused by not enough surprise between expected and actual number or lower NFP and increasing unemployment rate already anticipated and priced in the market. Overall, I personally prefer to focus more on optimistic tone by ECB and The Fed regarding economy recovery progress which I believe should continue weaken the Dollar.
Technically on daily chart below, even after worse than expected numbers on NFP and unemployment rate, the risk aversion sentiment was not strong enough to push the pair below my major trendline support. For me, this fact should keep the bullish scenario towards 1.5060 even 1.5300 remains intact. The false breakdown on Tuesday could potentially trigger significant bullish momentum. So, for the upcoming week, my technical focus remains at the trendline. As long as the pair stay above the trendline, we are still in bullish mode. Have a great weekend and see you guys next week.
The EURUSD bullish momentum was paused after worse than expected NFP and unemployment numbers. However, I think yesterday's movement was indecisive. I am not sure whether that was caused by not enough surprise between expected and actual number or lower NFP and increasing unemployment rate already anticipated and priced in the market. Overall, I personally prefer to focus more on optimistic tone by ECB and The Fed regarding economy recovery progress which I believe should continue weaken the Dollar.
Technically on daily chart below, even after worse than expected numbers on NFP and unemployment rate, the risk aversion sentiment was not strong enough to push the pair below my major trendline support. For me, this fact should keep the bullish scenario towards 1.5060 even 1.5300 remains intact. The false breakdown on Tuesday could potentially trigger significant bullish momentum. So, for the upcoming week, my technical focus remains at the trendline. As long as the pair stay above the trendline, we are still in bullish mode. Have a great weekend and see you guys next week.
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Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own.
His trading philosophy is "trading should be simple":
Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.
His trading philosophy is "trading should be simple":
- Buy the dips;
- Short the rallies;
- Practice discipline;
- Be patient;
- Have a good money management plan;
Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.
