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EURUSD Daily Forecast: November 09

Premium Market Reports by FXTechStrategy

EURUSD Daily Forecast: November 09
Monday, November 9th, 2009 @ 2:02 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.

About Me My Articles

EURUSD Forecast:
The EURUSD made indecisive movement on Friday. On daily chart below we can see that after made a false breakdown on November 03, price now retreat to the upside, traded above the trendline indicating potential further bullish scenario with 1.4950 – 1.5060 as nearest target before 1.5300. Immediate support at 1.4850 – 1.4800 area. Break below that area should diminish my bullish outlook but as long as the pair stay above the trendline, I prefer a bullish scenario.

On fundamental side, after worse than expected NFP and unemployment rate on Friday, the risk aversion had not enough power to reduce optimism about economy recovery and Dollar failed to gain significant momentum. For me this fact means nothing but investors strong belief that recovery is in the right track and might ready to buy more riskier assets and high yield currencies which should continue put pressure on the Greenback.

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