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Follow on Google News | Weekly Insight includes Price & Time Projections by Cash MechanicsAt the time of last week’s analysis the EUR/USD was trading at 1. 30764. Our bias called for a decline of the EUR/USD towards its bearish target zone of 1.29770 – 1.29370.
By: CashMechanics Weekly Insight Attend free Wednesday web conferences at 8 pm Eastern Time, 0000 GMT. The next web conference is April 25- Real-time forex analysis using Elliott Wave Theory with Gunny Davis. Register at https://cashmechanics.omnovia.com/ Also, check out our daily analysis of 6 major currency pairs, FX NOW at http://cashmechanics.com/ Weekly Insight (analysis by Al "Gunny" Davis) EUR/USD: Sideways or sharp rally? REVIEW At the time of last week’s analysis the EUR/USD was trading at 1. 30764. Our bias called for a decline of the EUR/USD towards its bearish target zone of 1.29770 – 1.29370. A minor bearish target zone is at 1.28754 – 1.28577 and we anticipated a close & retest that stayed below this zone would open the door down to the bearish target zone of 1.27830 – 1.26630. Our exit strategy called for a rally of the EUR/USD towards its bullish target zone of 1. 31363 – 1.31770, continuing up to the “FF 6” trendline and potentially up to 1.32034 – 1.32366. We anticipated a close & retest that stayed above the target zone of 1.32034 – 1.32366 would open the way towards the bullish target zone of 1. 33070 – 1.33470. On 4/16/12 the EUR/USD declined to a low of 1.29945 and on 4/20/12 it rallied to a high of 1.32262. The EUR/USD closed the week at 1.32170. ANALYSIS Our long-term price analysis still remains bullish as the waves appear to be unfolding in a larger degree corrective pattern (pennant, wedge or triangle). We’re anticipating a long-term rally that will trade towards and potentially beyond the bullish target zone of 1.57770 - 1.60380. The EUR/USD continues to trade in a 400 pip sideways channel. Our short-term bearish bias has not changed and calls for a decline of the EUR/USD towards its bearish target zone of 1.29770 – 1.29370. There’ Our long & short-term momentum indicators are mixed and signal a potential sideways trading range or a sharp rally is a possibility over the next few trading days. The decline off of the 1.51437 high appears to be unfolding in a pennant, wedge or triangle shaped pattern. It also appears to be a smaller degree pennant, wedge or triangle shaped pattern within a larger degree pennant, wedge or triangle shaped pattern from the decline that began at 1. 60380. Pennants, wedges and triangles are continuation patterns and support our long term bullish outlook. A failure of this pattern would lead to much larger declines. TIMING Our long term timing projections allow us to anticipate the potential of a significant swing point occurring between 6/24/12 & 6/28/12. Our short term timing projections allow us to anticipate a minor swing point may occur between 4/20/12 – 4/23/12 and also between 4/26/12 – 4/29/12. Our timing projections have a factor of +/- 2 and allow us to anticipate potential turning points in the marketplace. Come join us during our daily chat room sessions as well as our weekly webinar series and observe the methodologies and strategies we use that allow us to make these types of projections. Now FREE all the time. Register at http://www.cashmechanics.com/ Follow us on Twitter and Facebook Best regards, Pat Arcadipane Chief Executive Manager Cashmechanics.com ©Copyright 2010-2012 Cashmechanics.com, LLC, 80th Street, Brooklyn, NY 11209. All rights reserved. All product names contained herein are the trademarks of their respective holders. End
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