Looking at the EUR/USD pair, there are several technical reasons to forge a bias, or to the very least reconsider any contemplation.
PREDICTIVE ANALYSIS/FORECASTING RESULTS:
First, my predictive analysis and forecasting system confirmed a market reversal signal on March 25th. At that time, price was hovering around 1.3806. The ensuing forecast defined the following two targets with probability (dates reflect time of posting):
1 - TG-1 = 1.36707 - 29 MAR 2014, high/moderate probability
2 - TG-Lo = 1.35008 - 29 MAR 2014, moderate/low probability.
On the basis of alone, an upright head-and-shoulder ("H&S") dominates the field, casting its symmetrical head down to 1.34944, a value that corroborates tightly with my forecasting value, defined above.
Regarding anticipated price action, significant resistance is expected within a narrow 1.38550/1.38389 range, corresponding to a support-turned-resistance as price fell through and initiated an early market reversal sign this past week. However, 1.38749 remains the structural line that should concern bears, were price ever crossing-and-closing above it.
Bears dominate the chart, despite a relief rally occurring in a shorter-term chart (M15) from 1.3703 to a recent spike, and a long-term chart (Daily) where bulls give no indication of weakness. This timeframe divergence should keep the bearish-biased trader in doubt, and the counter-trend trader interested in a potential interim decline to the levels defined above.
This trader's directional bias is neutral to , while the system is , yielding a net bias.
Predictive Analysis and Forecasting
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- Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
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Independent Predictive Analyst/Financial Market Forecaster