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EURUSD Daily Forecast: March 16

EURUSD Daily Forecast: March 16
Wednesday, March 16th, 2011 @ 6:01 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 volatile but indecisive yesterday. Price attempted to push lower but found a good support around 1.3860 and whipsawed to the upside and slipped above 1.4000 but still unable to make a clear break above 1.4000 – 1.4035 key resistance area so far. There are no changes in my daily outlook where overall price still trapped in range area of 1.4035 – 1.3740 and need a clear break from either side to see clearer direction. The bias is neutral in nearest term. Aggressive traders can short around 1.4000 – 1.4035 with tight stop loss. Immediate support at 1.3900. A clear break below that area would change the intraday bias to bearish retesting 1.3860. On the upside, a clear break above 1.4035 would continue the bullish continuation scenario targeting 1.4150 – 1.4281 this week.

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