Tue, 03nd of November, 2009
Dear Fellow Trader
Setyo here with the latest daily forex update from the FX Instructor Forex Blog.
If you have any questions about today's update - please reply to this email and I will be happy to help.
The EURUSD continued it's indecisive movement yesterday. On my daily chart below we can see that the pair still struggling around the trendline support area. Basically, the trendline support remains my key technical focus at this phase and a strong support area to prevent further downside pressure which keep the bullish scenario intact. I think I will keep out from the market until I have a clear and convincing movement, below or above the trendline. Immediate resistance is seen at 1.4850. Break above that area could make this pair vulnerable for further upside pressure re-testing 1.4950 - 1.5060 area. Initial support at 1.4700 - 1.4680 area. Break below that area should trigger further weakness for the Euro.
On fundamental side, we will have some key economic numbers this week as US (tomorrow) and Europe (Thursday) are going to announce interest rate and US NFP on Friday. I am expecting these fundamental events to be the market movers to take us out from this choppy market. I feel this week is going to be a very important week as what happen here might have a bigger impact on longer term outlook, whether we will continue the bullish scenario towards 1.5300 or back towards 1.4450 area.
