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 17, 21th to 25th of April 08In the week that past not only did we have two fine chart patterns, we also got a new pattern - the rising wedge. If you have read my course and studied the information I have about Chart Patterns you know that the rising wedge is not a very tradeable pattern, because it is not very predictable. The EURUSD was up and tested R2 and then turned around abruptly and is now resting on the white Midpivot, creating the rising wedge together with the Pitchfork. Technically we have break down, but we also have a rising wedge which is notorious for delivering screwed up breaks. We still have two scenarios - the first one is a proper correction where the EURUSD continues down to about 1.5400 (S3 - S4 area) as a first step, it might go lower after that or turn around up again - we will see that later on. The second scenario is a short pop down, perhaps down to S2 (1.5600) and then a renewed effort up. I am still short, but ready to follow a quick turnaround.
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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