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EURUSD Forecast: Consolidating, bullish scenario remains intact

Premium Market Reports by FXTechStrategy

EURUSD Forecast: Consolidating, bullish scenario remains intact
Wednesday, November 11th, 2009 @ 1:43 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 made indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.4937 but closed higher at 1.4983. I think the pair is now consolidating after significant bullish on Monday. The bias is neutral in nearest term but bullish scenario should remains intact, at least indicated by a bullish channel (yellow) as you can see in my h4 chart below. Immediate support is seen at 1.4930 and lower line of the bullish channel. Break below that area could trigger further bearish correction testing 1.4850 and the major trendline resistance area (blue) and could be a potential threat to my bullish outlook. I still prefer and expect a bullish scenario for this week but I think we need a clear break above 1.5062 to confirm bullish scenario towards 1.5150 and 1.5300. Expected range at 1.4930 – 1.5062.

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