EURUSD long term forecast
According to this chart and idea the outlook fro this pair is long term bearish however the market will do what it wants. currently the wave of USD weakness suggests that this view may be wrong or simply reversed but we wait and see. This idea here is for those who are bearish long term, i.e those who believe the troubles with the EUR are lesser than those of the USD. I can't call it, all I can do is watch the ebbs and flows, try catch a wave to ride then surf and fish at the same time!
Projecting from the key S&R price range at 1.3695 and 1.400 to the key S&R price range at 1.1646 to 1.1952, we may consider this to be the flag pole forming the bearish flag pattern. Since price fell below the 1.1646 to 1.1952 price range at the beginning of 2015, it has not managed to break the lower key price range from 1.040 to 1.065 neither has it broken above the 1.1646 to 1.1952 (although it is currently threatening to do so). This may be considered as the flag of the formation. If indeed we are looking at a bearish flag pattern here, one may view all the price action for the past 4 months as a false break. Alternatively this potential break could be the invalidation of the bearish flag pattern. Any trades made based on this analysis will need to see price move lower than the 1.1646 to 1.1952 price range. Since we are currently within a key S&R price range I think it would be wise to look for high probability harmonic pattern setups on the Weekly and Daily charts. I will post some of my ideas on these time frames soon.
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According to this chart and idea the outlook fro this pair is long term bearish however the market will do what it wants. currently the wave of USD weakness suggests that this view may be wrong or simply reversed but we wait and see. This idea here is for those who are bearish long term, i.e those who believe the troubles with the EUR are lesser than those of the USD. I can't call it, all I can do is watch the ebbs and flows, try catch a wave to ride then surf and fish at the same time!
Projecting from the key S&R price range at 1.3695 and 1.400 to the key S&R price range at 1.1646 to 1.1952, we may consider this to be the flag pole forming the bearish flag pattern. Since price fell below the 1.1646 to 1.1952 price range at the beginning of 2015, it has not managed to break the lower key price range from 1.040 to 1.065 neither has it broken above the 1.1646 to 1.1952 (although it is currently threatening to do so). This may be considered as the flag of the formation. If indeed we are looking at a bearish flag pattern here, one may view all the price action for the past 4 months as a false break. Alternatively this potential break could be the invalidation of the bearish flag pattern. Any trades made based on this analysis will need to see price move lower than the 1.1646 to 1.1952 price range. Since we are currently within a key S&R price range I think it would be wise to look for high probability harmonic pattern setups on the Weekly and Daily charts. I will post some of my ideas on these time frames soon.
critic, refute, agree!
Mentors not Trolls!