FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.4610 but further bearish pressure was rejected as the pair closed higher at 1.4676. We are in downside correction (consolidation) phase but the pair is able to stay above 1.4630 support area so far. I still prefer bullish outlook and short position is not recommended at this phase. On the upside, as you can see on my h4 chart below, the minor trendline resistance (red) could be a critical technical area. A breakout to the upside should trigger further bullish momentum targeting 1.4867 area. On the other hand, failure to move above the trendline resistance could trigger further bearish correction re-testing 1.4630/10 support area. Break below that area should ...

Since break above 1.4446 on August 08, the Greenback has been under pressure against the Euro up to the third week of September, topped at 1.4766 this week as investors become more optimistic about global economy recovery. The outlook should remains bullish for the pair and I will only look for long trades at this phase with potential bullish target around 1.5000 area. However, if you read my daily analysis lately, I have been concerned about potential downside correction indicated by rising wedge. A look at my h4 chart below reveals that the rising wedge has been violated to the downside. Technically, this is a confirmation of potential downside correction scenario. Well, I love corrections because it's natural and always give me the best ...

EURUSD Forecast:
The EURUSD made another moderate bullish momentum, topped at 1.4766 and closed at 1.4743. The bias remains bullish in nearest term with potential targets at 1.4825 (September 23 2008 high) and 1.4867 (September 22 2008 high). On h4 chart below we can see that the pair still trapped in the rising wedge area and we really have just a very little room left before the break. I think I will keep out from the market until we have a break from the rising wedge. The best place to put a long position is still around the rising wedge lower line but with only so little room left in the rising wedge, the risk-reward ratio is not too good at this phase. I know this situation really test our patient. It's clear that we are in bullish ...

EURUSD Forecast:
The EURUSD had a moderate bullish momentum yesterday, topped at 1.4736 and closed at 1.4707. On h4 chart below we can see that the pair still trapped in rising wedge area. The bias is bullish in nearest term targeting 1.4800 area. However, the rising wedge on h4 chart and CCI divergence on daily chart I showed you yesterday still give valid bearish reversal/warning, so I will keep stay out for now. If the rising wedge violated to the upside, that would be a bearish reversal scenario failure and would give me a bullish set up. At this phase, potential place to put a long position at is the around the rising wedge lower line with very tight stop loss below it. Short positions is not recommended unless we really have a ...