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Where do you see the EURUSD going?
It seems to be headed in the 1.17 area. Just wanted you opinion.
- 13 Answers
- In Forex General
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- Lisa
- 593 Views
- 1 year ago
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There is a slight probability of the pair to show some correction upward towards 1.2350 and then again coming back down. Because of the Greece and now Spain and Portugal long term trend for EUR seems to be bearish. |
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On both the monthly and weekly chart the EUR/USD has formed a double top with the neckline being 1.2456 which has been breached |
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I like to look at the weekly candle close for a clue. If the close is very near the high/low for the week, the following week should easily push another 200 pips. If the candle shows a strong rejection of the weekly high/low (ie. v long tail), then next week likely to push 200 pips away from the long tail. Simple :) |
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My levels have it going to the 1.1720ish area. I arrived at this by doing a fib extension from the last leg down from 1.3686 to 1.2140 on the daily chart. This corresponds to a 127% extension. This would be short term outlook |
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As the outstanding short position on EUR/USD pair is at historical high, it take no genius to figure out what is the market view towards the future direction of this pair. However, the market never move in a straight line. This pair has down for continous 7 months and some time in future it will bend. |
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Hey Lisa, this is a pretty general question, but as of today the 7th of June 2010, after seeing EUR/USD breaking below the 1.20 and closing the day also below 1.20, I have to say that my focus is biased towards a weaker EUR. The fundamental factor behind EUR's depreciation rests on the uncertainty over the debt crisis, and I think the other side of the coin, as a side benefit, is that EUR has finally depreciated, giving other members, aside from Germany and France, a much needed relief and to become more competitive in the global economy... |
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Simple answer is that it will go wherever it is pushed. On a monthly chart it is at 7 or 8 sup/res points at this moment in time. Going way back. Which means... Not a lot. News is used as an excuse to push markets wherever. and ALL markets spend the majority of their time going sideways. Trying to predict where a market will go is needless and unnecessary. Same thing as being constrained to set times frames. A 15 min chart will often give conflicting signals to say an hour chart! |
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