EUR 60min for daily (1 week forecast)
My past post here: ---> " 2.25.10 EUR update Said that I expected a whipsaw to high 1.37. Looking at chart one, there seems to be mounting evidence against me. Based of my RSI and MACD trend-line drawings, indicators are meeting the trend-line resistance levels (see red circle highlights).
the 60 Minute chart is showing that morning levels will continue to peak off until the rest of the day and will continue lower. If that is the case a 1.37 (1st SD BB levels) was too far fetched for an entry point on a short and a mid 1.36 range(center line EMA levels) may see more appropriate.
Though, either way, going into next week, short is the correct position in my humble opinion. I also note prices are coming to a squeeze on the daily chart. Trend confirmation will happen. If prices push lower on the squeeze, we will see a revisit to the upper SD BB's and if a piercing of the bands occurs, a down trend will certainly be confirmed for next week.
My forecast will be at least until Wednesday next week we will see a strong USD and weak EUR. At this point there needs to be correction on the RSI and MACD before a continued downtrend can be sustained.
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Alexander Lê
Managing Partner
Analyze Capital LLC
email:analyzecapital@gmail.com
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