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Currencies Outlook

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Currencies Outlook

Post by LQD Markets on Wed Apr 10, 2013 8:46 am

EUR/USD – 1 Hr Chart

A like ‘M’ pattern was thought to be forming as of yesterday as the correction failed to happen at the C level but carried on upwards instead following the 1 Hr chart. Prices was supposed to have reached the C point as of yesterday itself at approximately 1.3053 to 1.3059 and then start moving downwards. Then didn’t happen. Overall the Euro is still believed to be in Bullish territory. For longer term traders, the 5-0 Bearish pattern seemed to still be intact.

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LQD Markets

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Re: Currencies Outlook

Post by LQD Markets on Thu Apr 11, 2013 9:29 am

EUR/USD Forecast

As for patterns this morning, I am not particualrly keen in making any ‘set-in-stone’ forecasts as the closest I got to was the ABCD pattern for the EUR/USD 1 Hr chart. The chart below is one that compares the uptrend move as indicated as ‘momentum’ but a divergence occured with the Volume to be total the opposite. That move up could potentially be the first leg of an ‘M’ pattern indicating Bullishness. Although being Bullish in most time frames for the EUR/USD, I am not forgetting positive sentiments for the Dollar follwoing the FOMC meetings. I am doubting the formation of a clear pattern forming so ‘when in-doubt, stay out’ which is my strategy for the day.

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