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EURUSD Daily Forecast: April 16

EURUSD Daily Forecast: April 16
Monday, April 16th, 2018 @ 5:03 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 another indecisive movement last week. There is no significant movement from daily and weekly chart perspective as price is still moving sideways without clear direction between 1.2175 – 1.2537 for 13 weeks now. The bias is neutral in nearest term. From an hourly chart perspective as you can see on my H1 chart below, the H&S formation has already reached its technical bearish target. Although the H&S scenario remains valid, we need a clear break below 1.2298 to extend the bearish movement targeting 1.2250 region. Immediate resistance is seen around 1.2345. A clear break above that area could trigger further bullish pressure testing 1.2380 region (the right shoulder of the H&S). Overall, as long as stay above 1.2175 my major technical outlook remains bullish.

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