EUR/USD forecast
EUR/USD forecast
H4 graph
There are signs of an emerging correction.
In case the pair rises above level 1.3720 (“a” trendline), we may expect an upside to level 1.3950. This forecast remains in effect until the market drops below level 1.3550. I’m seeing no alternative variants so far.
Daily graph
The pair got to its target level 1.3555. Obviously (taking into consideration the complex analysis of the markets), a correction should be started soon. In case the pair rises above 1.3720, we may expect an upside to level 1.3950.
If we examined the current trend in terms of Elliot waves, it would be found in the fourth wave now and the fifth wave would be following having the target at level 1.3285 or 1.2800 (depending on the trend’s strength). Level 1.3950 (in its approximate boundaries) is the turning level.
Alternatively, if the pair rises above level 1.4100, it will reach resistance 1.4650.
Weekly graph (from 31.01.10)
The fact that the pair has left the “D-D+” uptrend revealed a potential of dropping to supports 1.3555–1.3285. Those supports are of equal strength and at the moment it’s really hard to tell from which support the market will turn in future. But the fact is the pair will get to 1.3555 at least. In case it will continue to drop after that, we should expect hitting 1.3285.
At that point we may consider a possibility of correction to level 1.4650, followed by drop to 1.2750.
Monthly graph (from 31.01.10)
The fact that the pair has left the “P-P+” uptrend revealed a potential of dropping to level 1.2750. In general, if the pair manages to retreat below the “neckline” (level 1.2600/50), strategically, it will get to level 1.0000.
Taking into consideration the picture over weekly graph, the pair is certainly trading along a downtrend and it set its first drop target at level 1.2750 (the “neckline” of the “head and shoulders” trend-turning figure) – see weekly graph.
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