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EURUSD Daily Forecast: May 16

EURUSD Daily Forecast: May 16
Wednesday, May 16th, 2018 @ 1:46 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 a strong bearish momentum yesterday after broke below the bullish channel as you can see on my H1 chart below, bottomed at 1.1820 and hit 1.1817 earlier today in Asian session. From a daily chart perspective, this fact not only gives further confirmation to the bearish pin bar scenario (printed on Monday) but also keeps the descending triangle bearish scenario alive and kicking. My bearish mode is now reactivated. The bias remains bearish in nearest term testing 1.1735 region. Immediate resistance is seen around 1.1875. A clear break above that area could lead price to neutral zone in nearest term but as long as stay below 1.1920 any upside pullback should be seen as a good opportunity to sell.

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