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EURUSD Daily Forecast: April 13

EURUSD Daily Forecast: April 13
Friday, April 13th, 2018 @ 2:32 am by Setyo Wibowo

About Setyo Wibowo:

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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EURUSD Forecast
The EURUSD had a bearish momentum yesterday bottomed at 1.2298 after broke below the neckline of the head and shoulders formation as you can see on my H1 chart below. The bias is bearish in nearest term but note that the technical target of the H&S formation has been reached and we need a clear break below 1.2298 to extend the bearish phase testing 1.2250 region. Immediate resistance is seen around 1.2350 area. A clear break above that area could lead price to neutral zone in nearest term testing 1.2380 – 1.2400 region. On the downside, a clear break and daily/weekly close below 1.2250 would expose 1.2175 key support which remains a good place to buy with a tight stop loss as a clear break below that area would invalidate my major bullish outlook.

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