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EURUSD Daily Forecast: February 09

Premium Market Reports by FXTechStrategy

EURUSD Daily Forecast: February 09
Tuesday, February 9th, 2010 @ 2:45 am by Setyo Wibowo

About Setyo Wibowo:

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. 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.

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EURUSD Forecast:
The EURUSD made indecisive movement yesterday. Price attempted to push higher, topped at 1.3713 but closed lower at 1.3647. We have nothing significant so far and the market seems consolidating but still in a bearish scenario. However the hammer candlestick pattern I showed yesterday, remains indicating potential upside correction testing 1.3750 key resistance area and only a break below 1.3585 could cancel the bullish correction scenario, continue the bearish momentum targeting 1.3490 – 1.3400 area this week. On the upside, break above 1.3750 should trigger further bullish correction towards 1.3850 – 1.4030 area.

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