Some surprising fundamentals helped lift the EURO above its 1.3700 ceiling with the help of disappointing fundamental US data.
From a technical standpoint, a market reversal signal posted on our proprietary strategy and predictive analysis, bringing our eyes to loftier targets: A primary target as TG-1 = 1.38632 and a target-high, TG-High = 1.38997.
On a technical ground, I won't recapitulate the analysis offered in the original chart, except to add a bit of details and explanation to the lines and numbers in the chart.
You will notice that the chart has a narrow support range, whose median represents the 38.2-Fib level. A rallying from this level is expected following an unwinding towards that range. Whether price decides to remain at these levels or veer to lower depth will help us estimate the intention of the subsequent move. For now, our outlook remains with a shallow interim supported at that defined narrow band between 1.36282 and 1.36196. If you take a broad look of that level, you will notice that it has impacted price throughout the span, going as far back as December 26th, 2004 where it played as a major structure-high definition, a detail we discovered only after that line was defined in our predictive analysis - We like corroborating discoveries such as these. In fact, "1.35871" represents our own long position entry.
Significant resistance should be expected at 1.37383, representing the last price rejection that send price to a structure low at 1.34760.
On a "last, but not least" technical detail here, we hope that the trader who lives by lines took care to look at the big picture - hint: weekly chart: https://www.tradingview.com/e/owquS4xX/ - A quick visual consultation of this weekly chart will reveal that the targets just defined fall outside the outer border of the , putting these targets into doubt, if only the analyses depended on .
OVERALL: Fundamental, technical and predictive analyses are favoring a upturn. The entry level defined above occurred slightly above a structure-low. We decided to use that structure low as our stop-loss. However, stop-losses will expose various traders to more or less risks of losses, so we recommend that you use your own discretion based on your known risk tolerance and wealth exposure to define stop-losses in your own charts.
Disclaimer: Forecasts, analyses and 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 - a.k.a.: 4xForecaster | 4xQuad, LLC.
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