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Technical Analysis Commentary

  1. Setyo Wibowo's Avatar

    Daily Forecast: September 08

    by
    Setyo Wibowo
    , 09-07-2009 at 10:28 PM (FXInstructor.com Daily Forecasts with Setyo Wibowo)
    EURUSD Forecast:
    The EURUSD didn't make significant movement yesterday, with only 60 pips movement. On h4 chart below we can see that the bearish channel has been violated to the upside indicating potential bullish outlook but the lack of trade volume usually leads to false breakout so we have to be very careful here and do not rush jump into the market. The bias remains neutral in nearest term and I still prefer to stand aside for now. I think range trading strategy to buy around 1.4180 or to sell around 1.4405/46 is still the best strategy in this situation. Be patient. CCI in overbought area and about to cross the 100 line down on h4 chart suggesting potential downside pressure testing 1.4275/50 support area. Break below that area ...
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