Written by Bahagian Pentadbiran in
| EURUSD Weekly Summary
Sat,September 17, 2011 | Dear Fellow Trader,
Setyo here with the latest daily forex update from the FX Instructor Forex Blog.
If you have any questions about today's update - please reply to this email and I will be happy to help. | | The EURUSD was corrected higher this week after unable to make a break below 1.3500 support area. Price attempted to push higher, but closed a little bit lower on Friday at 1.3799 after found a resistance around 1.3940 area as you can see on my daily chart below. My major bearish outlook remains intact since the fall from 1.4939 and strong bearish momentum from 1.4530. Price still moves below EMA 200 on hourly, h4 and daily chart still suggests a bearish view and the current bullish pullback is still normal but would need at least another clear break back below 1.3735 to keep the major bearish scenario strong, testing 1.3500 - 1.3400 support area. On the upside, if the bullish correction continue and price makes a clear break and daily close above 1.3940, further bullish pullback can be expected testing 1.4150 area which could be a threat to the bearish outlook.
Please click here to see how I applied my technical studies to this pair on the daily chart a few minutes ago. |
| I hope you enjoyed today's forex update! If you have any questions or suggestions, reply to this email - or visit me at the FX Instructor Blog. Happy Trading! | | | Analyst Profile Living in East Java, Indonesia and holding an International Relations degree, Setyo Wibowo began his forex trading career in 2000 as a market analyst, while learning to trade forex independently on his own. to learn more about Setyo Wibowo. |
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