Friday, March 26, 2010

EUR-USD Technical Analysis 26 March 2010

Martin Pring's Introduction to Technical Analysis: A CD-ROM Seminar and Workbook
EUR-USD technical analysis speculation ended with the perfect results. Although it is not as accurate as predicted but it was close at it went down to 1.3271 slightly deviated beyond the previous EUR-USD Technical Analysis expectation.

Today i am going to discuss about the new EUR-USD technical analysis for next week movement based on the above summary and early next week market patterns. So from the market patterns of this week movement we know the following
  • 4th candlestick of the month has formed which means that the 5th can result in major correction upside
  • Full stochastic movement in weekly time frame is still heading upward is another indication that the pair might be making correction upside
  • EUR-USD has reached a new low and made a minor correction upside. Every new low point can trigger significant correction movement as we can see today.
Things that we do not know about EUR-USD movement next week:
  • Market patterns movement
  • Direction of the EUR-USD
Expected movement based on this week technical analysis summary and next week market patterns.
  • Fluctuating on support and resistant level at (1.3271 - 1.3401)
  • Continuation further down to 1.3183
  • Just be careful on major correction just in case it can happen anytime as the EUR-USD already stand in significant support level. It can be very dangerous as it can go up to 1.3611
A little advice to the forex beginner traders: Never be too precise when making your analysis because anything can happen anytime within matter of seconds in the forex market that will stir up the movement.

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