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EURUSD Forecast
The EURUSD was corrected lower significantly on Friday on concern that political crisis in Egypt may trigger higher demand for safer assets as investors are worry about potential contagion of political instability all over the Middle East. My own country, Indonesia, had similar political chaos back in 1997 – 1998 so judging by the amount and intensity of protesters who want Hosni Mubarak regime to step down, it’s not an easy job for the government to stabilize the political situation in Egypt and things can be worse any time. This fundamental/political situation makes me think twice before jump into the market and buying the Euro on a major bullish technical outlook. Not to mention that hourly chart suggests a potential ...

EURUSD Weekly Summary: The Triangle, 1.3500 and 1.3800

The EURUSD was indecisive this week, made a Doji on weekly chart. Now let’s take a broader look on weekly chart below and see what kind of information we can get, at least from my subjective perspective. Price has been moving in a triangle formation, suggests a consolidation phase. No clear direction until a break above or below the triangle. From the past historical movement, we are now in a phase where 1.3500 is a key support/resistance area and a move above or below that area could determine the next direction. From this point of view, although the bullish momentum was paused this week, the fact that price still move above 1.3500 still suggest more bullish bias for now, ...

EURUSD Forecast
The EURUSD made another indecisive movement yesterday. We are still in bullish outlook targeting 1.3800 this week and overall price still making higher lows and highs in the last three days, but I think the bullish momentum could be exhausted with potential bearish correction due to diminishing bullish power and potential bearish view indicated by CCI bearish divergence as you can see on my h4 chart below. Bullish continuation scenario would have further validation by a clear move above 1.3800 targeting 1.4000 even higher. I think it’s a good idea for intraday traders to stop buying the Euro at the current level (around 1.3700) and wait for further development due to a bad risk reward ratio. I am expecting some minor ...

EURUSD Forecast
The EURUSD made another volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.3572 but closed higher at 1.3678 and almost hit 1.3700 earlier today in Asian session suggests that upside pressure is still alive and kicking. On h4 chart below we can see 1.3625 – 1.3550 region is a good support area at this phase where buyers were seen protecting the technical bullishness. A friend told me that the Euro should go down due to bad fundamental condition and he was trying to find potential high point to short the pair. I told him: “That’s OK as long as you cut your losses quickly, but I don’t see a good short opportunity until price go back below 1.3500 – 1.3450 support level.” On the ...