4xForecaster
Short

Declines As Forecast ... Nears Bearish Target | $EUR $USD #forex

FX:EURUSD   Euro Fx/U.S. Dollar
510 2 3
Friends,

Price continues to roll down the shoulders, so to speak, as forecast at the end of March - See original analyses here:

1 - Defining Bearish Targets (8 days ago) - 4-Hour Chart:
-
Bearish Signal ... Bearish Targets | $EUR $USD #ECB #FED #Forex


2 - Carves New Structure Low (5 days ago) - 4-Hour Chart:
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Predictive Analysis/Forecast: Bearish | $EUR $USD #ECB #Forex


3 - The Technical Context (14 Hours ago) - Daily Chart:
-
#TechnicalAnalysis: Getting It Right And Wrong  #forex $EUR $USD


As price nears our target, shifting from a 4-hour view to a broad sweeping daily view suggests a significant trendline that has persistent across the length of the rising wedge. Considering that both target and wedge are coincident, expect a significant support at that forecast target level.

In any case, the directional bias remains firmly bearish as it has since the forecast, and there is otherwise no other technical event to suggest to easing of the trend besides above defined technical consideration.

Cheers,


David Alcindor
Predictive Analysis and Forecasting


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leonardo.cruz
2 years ago
For me it seems that the bearish movement you mentioned is only a retracement on the daily chart for EURUSD. Take a look and tell me what you think: http://screencast.com/t/nFSnAt3lG6
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4xForecaster PRO leonardo.cruz
2 years ago
Hello @leonardo.cruz - Yes, this is what I explained in the text:

"Considering that both target and wedge are coincident, expect a significant support at that forecast target level. "
... in reference to this chart:

snapshot


David Alcindor
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