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(analysis by Al "Gunny" Davis)
EUR/USD: Long term bullish
EUR/USD: Short term minor swings
Over the past several weeks during 2011 our long term outlook has been bullish. The EUR/USD appeared to be trading within a bullish pennant, however, the decline from 1.49385 has traded below the swing low of 1.31450 which signals the corrective pattern is potentially not a bullish pennant but a much more complex bullish corrective pattern.
The EUR/USD 2012 Outlook has been included with our long term bearish & bullish targets for 2012.
Our long term price analysis still remains bullish as the manifestation of the decline from 1.60380 appears to be unfolding in a complex corrective pattern. Our bias calls for the EUR/USD to continue its decline towards our bearish target zones. We will be looking for signals of a reversal in the bearish momentum indicating the potential continuation of the rally from 0.82270. Our exit strategy calls for a minor rally towards the bullish target zone of 1.34055 – 1.36193.
Our long term momentum indicators signal the EUR/USD’s bearish momentum may be coming to an end. We will look at the lower timeframe’s momentum indicators to signal the potential resumption of the higher timeframe’s bullish momentum.
Our long term timing projections allow us to anticipate a potential significant swing point may occur between 3/4/12 & 3/18/12. Our short term timing projections allow us to anticipate a minor swing point may occur between 1/10/12 - 1/11/12 and also between 2/17/12 – 2/19/12. Our timing projections allow us to anticipate potential turning points in the marketplace. With our timing projections there’s a factor of +/- 2.
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