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Long

A chart is a chart is a chart...

FX:EURUSD   Euro Fx/U.S. Dollar
41 0 0
Whether you look at the monthly chart or the 6-hour chart, the same sort of time and price relationships exist; as well as the Andrew's Pitchfork similarity.

Monthly: I found four time projections that all fall on last month or the current month, and price has reached a confluence of support levels - note too that price just touched the lower quartile line of the pitchfork .

6-hour: almost a duplicate of the monthly analysis.

Outlook: my opinion has been that the long-term downtrend would continue to at least parity, but the time and price confluence here on the monthly chart makes a compelling case for the bullish view; I think we'll see a very healthy rally that should make it to around 1.1050 before any noticeable correction. If price can break through that level, we could see 1.1250+ before price either resumes the major downtrend or simply corrects before any further move up. I want to avoid trading based on my long-term bearish-biased opinion here; the shorter-term charts and indicators say buy, so I must buy...

Long from 1.05885 - initial stop-loss @ 1.05667, moved to 1.05816 after confirmation of cycle low on 1-hour chart. T1 = 1.0637; if we get there, will sell 1/3. T2 = 1.09216 to sell another 1/3. T3 = 1.11427 to close last 1/3.

Addendum: stopped out on open on 4/13 because of aggressive stop-trailing. Re-established position @ 1.0589 with stop-loss @ 1.05667; targets remain as before.
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