Bears need to put a fork in this cloud.
Read my post at 19:00, and then check this chart out. Nice little 25 pip discount! The Andrews Pitchfork made the forecast once again, calling the top of this small blip one pip off the high.
I'm writing this because I think it would be safe to take a small profit here at 1.4485 and see how this plays out. There is small a fork forming that indicates a retrace to our entry point. I'd rather play the short side twice.
Currently I have a short sale pending at 1.4510 with a stop loss at 1.4550 and take profit at 1.4400
At 07:30 I made a bearish forecast. Let's see how it worked out.
We had already exceeded the expected Daily Range when I wrote the forecast, and my prediction of support 1136 helld
This next chart shows the support we have below. 1136 will be heavy support over night and tomorrow. Should we break that support then 1132 and 1122 will offer further support. Notice the weak Kumo!
This week's high is not expected to exceeed 1160.
I said yesterday that the EUR/USD would peak at 1.4525, and it appears the top is in at 1.4556. I adjusted the Magenta fork this morning. I'm still short and the prediction is looking good.
My plan is to take profit a the Yellow forks bottom line which is moving up so 1.44 is no longer valid. My stop remains 1.4590
ESH0 trend's bias is Bearish. Today's range of 1142.75 to 1146.75 has been exceeded. The expanded range is 1136.38 to 1149.81. Significant levels where price will tend to turn at are 1145.63 and 1139.07.
Friday I predicted the EUR/USD would peak at 1.4525. It appears I missed the target by 20 pips. That's 183 pips of profit and we left 20 pips on the table! I'm short now and ready to ride this to the bottom of the channel with a stop at 1.4590 and expect to take profit at 1.4400.
The red dots indicate places the center line has rejected Price. This looks like a good Andrews Pitchfork. Until the yellow fork is violated it stands.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.