FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast:
The EURUSD made indecisive movement yesterday, formed a Doji on daily chart. Price attempted to push lower after made a false breakout from my bearish channel but found a support around 1.4887 area before closed higher at 1.4963. On my h4 chart below we can see that price still move in range area indicating consolidation and indecisive market and struggling around the upper line of the bearish channel. Given such fact, I think the bias should remains neutral since we have nothing significant technically.

The Dollar weakness seems limited so far, but overall the market sentiment remains negative for the Greenback although Geither and Trichet support a strong Dollar. Immediate resistance at 1.4990 – 1.5000 ...

EURUSD Forecast: Slipped above bearish channel. True or a false breakout?
The EURUSD had a bullish momentum yesterday, slipped above my bearish channel but price retreat to the downside indicating bullish continuation scenario is potential but don't be too optimistic yet. We only have 2 options regarding the bearish channel break, whether it is a true breakout or a false breakout. If today price made another bullish above 1.5000 area, I will consider the breakout is valid and bullish momentum should continue testing 1.5062, but if today price fall below 1.4920, I will consider it as a false breakout which lead to significant bearish momentum re-testing 1.4850/20 area. If you follow my daily analysis during the last two weeks, you may ...

EURUSD Forecast: Remains consolidating with neutral bias. Technical study and levels to be watched today
The EURUSD made another rejection to consistently move below 1.4820 key support level on Friday. This fact surely keep the major bullish scenario intact, but the bearish reversal scenario warning showed by double top pattern with peaks around 1.5062 area is also still valid and the bias should remains neutral as market is consolidating now. Overall, this pair has been indecisive in the last two weeks and we need a significant movement above 1.5062 to continue the bullish continuation towards 1.5150 and 1.5300 or consistent move below 1.4820/00 area to confirm further bearish pressure towards 1.4625 and 1.4450 area. Immediate resistance ...

EURUSD Weekly Summary: Still under pressure, Euro able to stay above 1.4820 key support level

The EURUSD made another downside attempted yesterday, slipped below 1.4820, bottomed at 1.4801 but still closed above 1.4820 at 1.4860. On my daily chart below, we can clearly see that 1.4820 has been providing a good support area as price bouncing to the upside after touched or slipped below that area. I have no doubt in mind that this level plays a very important role at this phase, a key level to be watched carefully in the upcoming week.

As you may already know, I already see a potential double top bearish reversal scenario since November 10. The double top bearish reversal scenario now still making good progress ...