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EURUSD Forecast: Bearish channel violated, bullish continues

Premium Market Reports by FXTechStrategy

EURUSD Forecast: Bearish channel violated, bullish continues
Wednesday, December 2nd, 2009 @ 2:19 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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The EURUSD had a bullish momentum yesterday, topped at 1.5116 and closed at 1.5074. On h4 chart below we can see that my bearish channel has been violated to the upside indicating potential further bullish momentum at least testing 1.5140/50 area before aim for 1.5300. Immediate support at 1.5062 area. Break below that area should lead us into no trading zone in nearest term testing 1.4950 area but the overall sentiment remains negative for the Greenback. Stocks market seems to recover nicely from Dubai World panic reaction last week while gold keep making new all time highs pressing the Dollar down.

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