FXInstructor.com Daily Forecasts with Setyo Wibowo

EURUSD Forecast: Indecisive after ECB, technical outlook remains bullish, potential scenarios on NFP
The EURUSD peaked at 1.4917 after an optimistic statement about Euro economy outlook from the ECB, but closed lower at 1.4871, formed a Doji on daily chart indicating indecisive movement. While my technical outlook remains bullish with 1.5060 and 1.5300 as potential target, I think the market is waiting for NFP and unemployment rate today, which expected to be at -175 K and 9,9%. While most economic data both in US and Euro generally show positive signals, many analysts see high rate of unemployment as a potential obstacle to the recovery progress. I have three possible scenarios regarding NFP number:

• No surprise: If

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EURUSD Forecast: Euro fight back after FOMC. Technically, false breakdown might lead to further bullish
The EURUSD failed to continue it's bearish momentum yesterday, even the Fed statement was flat, nothing significant. The way I see it, market opinion was that the economy recovery is still in the right track. The Fed also said that it will keep the rates near zero for “an extended period” which make the Dollar less interesting than major currencies.

Technically, we have false breakdown on both major trendline support on daily chart and the range area on h4 chart as you can see in my daily and h4 charts below, which potentially lead to further bullish momentum. Like I said yesterday, false breakdown from the range ...

EURUSD Forecast: Trendline support broken but not convincingly. Eyes on FOMC today

We have a significant technical event yesterday. As you can see in my daily chart below, the trendline support has been violated to the downside, bottomed at 1.4625. This fact should trigger further weakness for the Euro with 1.4450 as technical target, but we need to be very careful here since the pair closed much higher at 1.4716 indicating limited bearish. Every time a trendline support is broken, oftenly price retreat to the upside and testing the trendline area, which is now become a resistance. So, as long as the pair stay below the trendline, expect further bearish scenario.

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EURUSD Forecast: Remains sideways, need fundamental catalyst. Calm before the storm?

The EURUSD continued it's indecisive movement yesterday. On my daily chart below we can see that the pair still struggling around the trendline support area. Basically, the trendline support remains my key technical focus at this phase and a strong support area to prevent further downside pressure which keep the bullish scenario intact. I think I will keep out from the market until I have a clear and convincing movement, below or above the trendline. Immediate resistance is seen at 1.4850. Break above that area could make this pair vulnerable for further upside pressure re-testing 1.4950 – 1.5060 area. Initial support at 1.4700 – 1.4680 area. ...