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 19, 5th to 9th of May 08As we could see the EURUSD followed my preferred path outlined in the previous forecasts. Now the EURUSD is resting on the Pitchfork at 1.5423. Since the volume was on the low side I would say that at the moment there is not much selling coming in. The most plausible scenario is that the EURUSD will turn and head for a new test of 1.6000. However, the EURUSD could go further down to about 1.5300, but that would mean a break of the Pitchfork and ultimately a bearish market (i.e bullish for the USD). Since we have no signs yet of a turn up, it is difficult to say if the turn is coming this week, but I have tightened my stop to lock in some profits. The EURUSD could hover around at this level for next week and that will not mean that we have a break of the Pitchfork. As long as price doesn't close below the lowest Low of the previous week, I cannot see any further downside. By the end of the week though, the EURUSD should have shown its preference, up or down. Adjust your positions accordingly.
For the Economic Releases, stay tuned at my Forex Calendar. The green Fibonacci Pivots will not be presented here for this week. I have moved all my Forex Trading from TradeStation to NinjaTrader and this has caused some problems with the calculation of the Pivots. If you are interested in them anyway, check the charts above. The previous Forex Forecast can be found at FOREX trading Blog.
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