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EURUSD Daily Forecast: July 03

Premium Market Reports by FXTechStrategy

EURUSD Daily Forecast: July 03
Friday, July 3rd, 2009 @ 12:44 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 Daily Forecast

The EURUSD failed to continue it’s bullish momentum yesterday. The pair was unable to stay above 1.4176 area bottomed at 1.3988 and closed at 1.4002. The Greenback was in fact supported by risk aversion following worse than expected NFP data. Technically on h4 chart below, the trendline support has been violated to the downside indicating potential bearish outlook. The failure to stay above 1.4176 and trendline support violation could trigger further weakness for the Euro. The bias is bearish in nearest term testing 1.3850 area but medium term trend remains unclear as the pair still trapped in 1.4176 – 1.3750 area. Immediate resistance is seen at 1.4050. Break above that area should trigger further upside scenario re-testing 1.4176.

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