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EURUSD Daily Forecast: July 10

Premium Market Reports by FXTechStrategy

EURUSD Daily Forecast: July 10
Friday, July 10th, 2009 @ 2:24 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 bearish momentum yesterday. The pair topped at 1.4070 and closed at 1.4023. On daily chart below we can see that pair is now re-testing the trendline resistance. In medium term surely we still have no clear direction so far as the pair keep moving in 400 pips ranging area of 1.4176 – 1.3750 for the last 5 weeks now indicates indecisive (and boring) market. I hope we will see a clearer direction in upcoming week. Consistent move above 1.4050 should trigger further upside pressure re-testing 1.4176. Initial support at 1.3850 followed by 1.3750. CCI in overbought area and heading down on h4 chart suggesting potential downside pressure.

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