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Technical Analysis Commentary

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

Posted 11-20-2009 at 09:03 PM by Setyo Wibowo (FXInstructor.com Daily Forecasts with Setyo Wibowo)

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...

Tags: eur/usd, euro, eurusd

Setyo Wibowo

Special Guest Trader

Posted in Technical Analysis Commentary

Views 80 Comments 0 Setyo Wibowo is offline

EURUSD Forecast: Bearish correction remains intact, technical levels to be wathced

Posted 11-19-2009 at 10:44 PM by Setyo Wibowo (FXInstructor.com Daily Forecasts with Setyo Wibowo)

EURUSD Forecast: Bearish correction remains intact, technical levels to be wathced
The EURUSD attempted to push lower yesterday, bottomed at 1.4842 but bearish pressure was limited as the pair closed higher at 1.4915. The bias is neutral in nearest term. My technical focus remains at the bearish channel, which is still valid indicating bearish correction remains intact with the upper line of the bearish channel as key resistance area. As you can see in my daily chart below, the upper line has been doing a good job to keep the bearish correction intact since the rejection to move above 1.5062 area (peaks). Immediate resistance at 1.4965 area. Break above that area could be a serious threat to the bearish correction scenario re-testing...

Tags: euro, poundsterling, yen

Setyo Wibowo

Special Guest Trader

Posted in Technical Analysis Commentary

Views 167 Comments 0 Setyo Wibowo is offline

Daily Forecast: November 19

Posted 11-18-2009 at 11:11 PM by Setyo Wibowo (FXInstructor.com Daily Forecasts with Setyo Wibowo)

EURUSD Forecast:
The EURUSD had a bullish momentum yesterday, topped at 1.4989 and closed at 1.4959 after rejected to move consistently below 1.4820 key support area and even after Trichet said that he support a strong Dollar. However, on my daily chart below the bearish channel remains valid and the upper line of the bearish channel provide a good resistance. So I think the bearish correction even a bearish reversal scenario (double top) is still intact. Once again, we need violation to the bearish channel to end this bearish correction and valid break above 1.5062 to confirm the bullish scenario towards 1.5150 and 1.5300.

GBPUSD Forecast:
The...

Tags: euro, poundsterling, yen

Setyo Wibowo

Special Guest Trader

Posted in Technical Analysis Commentary

Views 52 Comments 0 Setyo Wibowo is offline

Euro weaken, need consistent move below 1.4820 for further bearish pressure

Posted 11-17-2009 at 10:49 PM by Setyo Wibowo (FXInstructor.com Daily Forecasts with Setyo Wibowo)

EURUSD Forecast: Euro weaken, need consistent move below 1.4820 for further bearish pressure

The EURUSD had a significant bearish momentum yesterday, bottomed at 1.4807 but failed to stay below key support area 1.4820, closed higher at 1.4860 and traded around 1.4887 at the time I wrote this comment. As you can see in my daily chart below, it's a fact that after peaked at double top formation around 1.5062 area the pair keep moving lower in a bearish channel indicating significant downside correction and even potential bearish reversal, especially if we have a consistent move below 1.4820 area with 1.4625 and 1.4450 as technical targets.

Right now, after failed to stay below 1.4820 yesterday, the pair bouncing...

Tags: euro, poundsterling, yen

Setyo Wibowo

Special Guest Trader

Posted in Technical Analysis Commentary

Views 46 Comments 0 Setyo Wibowo is offline

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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":

Buy the dips;
Short the rallies;
Practice discipline;
Be patient;
Have a good money management plan;

"If you keep these things in mind, you will be OK!", Setyo says. "Simplicity is the key to becoming a successful forex trader - not complicated trading systems - which are not nearly as effective in forex trading."

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.