FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.3179 but further downside pressure was rejected, closed higher at 1.3248 and hit 1.3322 earlier today in Asian session. On h4 chart below we can see price still struggling around the upper line of the bearish channel. The bias is neutral in nearest term. Overall I think price still moves in range market between 1.3200 – 1.3400/38. Clear break above 1.3438 could be an early signal of a bullish reversal scenario. On the downside, immediate support at 1.3240. Clear break below that area could trigger further bearish pressure re-testing 1.3180/50 and keep the bearish scenario intact.



GBPUSD ...

EURUSD Forecast
The EURUSD attempted to push higher yesterday, topped at 1.3400 but whipsawed to the downside, closed at 1.3248 and hit 1.3219 earlier today in Asian session. I have made some adjustment to my bearish channel. On h4 chart below we can see price slipped below the bullish channel (blue) indicates the bullish correction might be over now targeting 1.3180/50 in nearest term. Immediate resistance at 1.3280 (current high). Break above that area would keep the bullish correction scenario intact re-testing 1.3400/38 key resistance area and may create a range market between 1.3400 – 1.3200.



GBPUSD Forecast
The GBPUSD attempted to push higher yesterday, ...

EURUSD Forecast
The EURUSD had a significant bullish momentum on Friday, topped at 1.3438 and closed at 1.3412. Price is now in critical phase and struggling around the upper line of the bearish channel. The bias is neutral in nearest term. We are still in bullish phase now but I think we need a clear break above 1.3438 to continue the bullish scenario testing 1.3500 which could be an early signal of a bullish reversal targeting 1.3700. Immediate support at 1.3280. Break below that area could trigger further bearish momentum testing 1.3200 which could be an early indication of a false breakout scenario and continue the bearish scenario testing 1.2920.



GBPUSD ...

EURUSD Weekly Summary: Slipped above the bearish channel, a threat to the bearish outlook

The EURUSD had a significant bullish pullback this week, slipped above the bearish channel as you can see on my h4 chart below after worse than expected US NFP and unemployment rate numbers on Friday, topped at 1.3438 and closed at 1.3412. This fact is a serious threat to the bearish outlook. A consistent move above 1.3500 next week would give further validation for a bullish reversal scenario targeting 1.3700. On the downside, another movement back inside the bearish channel should keep the bearish scenario intact but only a movement below 1.3200 could cancel the bullish threat and continue the bearish scenario testing 1.2920 as a false ...