FOREX ForecastNOTE: 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 16, 14th to 18th of April 08I mentioned last week that a test of the previous high was likely and that was exactly what we got. Currently we are in a ascending triangle formation (bullish) or a triple top (bearish). The ascending triangle has a success rate of 70% so it is likely that we will have a break up if you take only this into regard. However, there are some signs that contradicts another move up, like the long upper shadows and the falling volume. It also made a test of the green Fibonacci pivot at 1.5900, which failed. I was convinced last week that the bears are stronger and will take the lead for a pullback and I still think it would be good for the EURUSD to pause and take a new breath. Considering the bad news coming out from the US at such a strong rate with no light in sight, I actually don't know where this is heading. I still have a preference for a pullback but the statistics work in favor for a continued upmove. I am short but definitely ready to reverse my position quickly if I see signs of a new thrust up. Be prepared!
For the Economic Releases, stay tuned at my Forex Calendar. Support and Resistance levels (EURUSD) according to the green Fibonacci Pivots are: Support
The previous Forex Forecast can be found at FOREX trading Blog.
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