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EURUSD Daily Forecast: January 23

EURUSD Daily Forecast: January 23
Monday, January 23rd, 2012 @ 6:28 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 higher last week, topped at 1.2985 and closed at 1.2930 as a part of the bullish phase since broke above the minor trend line resistance as you can see on my h4 chart below. My major bearish scenario remains intact but price is now in a bullish correction phase testing 1.3000 key resistance which is the 200-4 hour-EMA and 23.6% Fibonacci retracement of 1.4246 – 1.2625. The bias is bullish in nearest term. Immediate support is seen around 1.2850/30. A clear break below that area could lead price to neutral zone in nearest term but only a clear break and daily close at least below 1.2800 could stop the current strong bullish correction phase. On the upside, a clear break and daily close above 1.3000 could trigger further bullish momentum testing 1.3160 area.

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