FOREX Forecast Week 11NOTE: The material and the Forex forecast on these pages are presented solely for informational or educational purposes. No investment or trading advice or strategy or system of any kind is being offered, recommended or endorsed by the author, Forex-Trading-Insight.com or any of its affiliates, agents or employees. Analysis for week 11, 10th to 14th of March 08Over the past few weeks we have seen a tremendous surge of the EURUSD towards new highs. Past week I said that we are either going to have a minor correction or price is just going to hover and then go up again. It turned out that the second scenario was correct. This week take a look at the volume and you will see that in the beginning of last week the volume was actually declining while prices were moving up - that's a sign of weakness. Another thing is that the volume on Thursday and Friday were normal, so the relative volume now is large - another sign of weakness. Further, the EURUSD tested the green Fibonacci pivot at 1.5469 and then reversed, closing just a few pips below the lower Fibonacci Pivot at 1.5358. As you know, there is no certainty in trading, but it looks pretty bleak for a new push up. Since the bulls have had such a strong showing, the reversal might be short and powerful, lasting perhaps only one or two days. This however is not clear at this moment. I already have entered short.
For the Economic Releases, stay tuned at my Forex Calendar. Support and Resistance levels according to the green Fibonacci Pivots are: Support
The previous Forex Forecast can be found at FOREX trading Blog.
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