EURUSD Daily Forecast: September 17

 @ibtimes on September 16 2009 4:52 PM

EURUSD Forecast:

The EURUSD had a moderate bullish momentum yesterday, topped at 1.4736 and closed at 1.4707. On h4 chart below we can see that the pair still trapped in rising wedge area. The bias is bullish in nearest term targeting 1.4800 area. However, the rising wedge on h4 chart and CCI divergence on daily chart I showed you yesterday still give valid bearish reversal/warning, so I will keep stay out for now. If the rising wedge violated to the upside, that would be  a bearish reversal scenario failure and would give me a bullish set up. At this phase, potential place to put a long position at is the around the rising wedge lower line with very tight stop loss below it. Short positions is not recommended unless we really have a valid rising wedge breakdown. Immediate support at 1.4640 (yesterday’s low). Break below that area could be considered as a breakdown to the rising wedge and could lead us back to 1.4570 or even 1.4446 area.

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