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EURUSD Daily Forecast: January 22

EURUSD Daily Forecast: January 22
Friday, January 22nd, 2010 @ 3:38 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 made indecisive movement yesterday. Price attempted to push lower, bottomed at 1.4029 but closed higher at 1.4085. Overall sentiment remains negative for the Euro but 1.4000 area could be a strong technical support at this phase. The bias is neutral in nearest term but I still prefer a bearish scenario with sell on rallies strategy. Immediate resistance at 1.4150. Break above that level could trigger further upside correction testing 1.4200 – 1.4250 area. Initial support at 1.4000. Break below that area should trigger further bearish scenario towards 1.3750.

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