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EURUSD Daily Forecast: February 11

EURUSD Daily Forecast: February 11
Monday, February 11th, 2013 @ 10:17 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 was corrected lower last week bottomed at 1.3352. The bias is bearish in nearest term testing 1.3300. The major bullish scenario should remain valid as long as price stays inside the bullish channel but price is in a bearish correction phase now with key support around the lower line of the bullish channel. Immediate resistance is seen around 1.3430. A clear break above that area could lead price to neutral zone in nearest term but need a clear break and daily close at least back above 1.3485 – 1.3500 to potentially end the bearish correction phase.

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