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EURUSD Forecast: Re-testing 1.5062, potential double top formation

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EURUSD Forecast: Re-testing 1.5062, potential double top formation
Tuesday, November 10th, 2009 @ 1:20 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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As I had expected, the EURUSD continued it’s bullish momentum yesterday, topped at 1.5019 and closed at 1.4995. The bias should remains bullish in nearest term re-testing October 26 high, 1.5062. I will be watching any reaction around this area since technically we could have a double top formation if price reject to move above that area, as you can see in my daily chart below. However, a breakout above that area should continue the upside scenario targeting 1.5150 area as a bearish correction/reversal scenario failure could potentially produce the other scenario: bullish continuation. Immediate support is seen at 1.4950 followed by 1.4850 area.

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