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EURUSD Forecast The EURUSD had another indecisive movement yesterday. Price attempted to push lower but found a good support around the lower line of the bullish channel as you can see on my h4 chart below, keep the bullish phase since bounced from 1.3000 remains intact with nearest bullish target around 1.3400. A clear break and daily close above that area could trigger further bullish scenario at least testing 1.3480 – 1.3500 region. On the downside, only a clear break below the bullish channel and 1.3240 could stop the bullish phase testing 1.3130 – 1.3000 support area.

EURUSD Forecast The EURUSD had a significant bearish pullback last week after formed the double top formation around 1.3480 and slipped below 1.3200. The bias is bearish in nearest term testing the trend line support and 1.3150 area as you can see on my h4 chart below. The bullish scenario since bounced from 1.2625 should remain intact but a clear break and daily close below the trend line support could end the bullish phase and give further confirmation to the double top bearish reversal scenario testing 1.3000 even lower. On the upside, we need a movement at least back above 1.3320 to keep the bullish phase intact retesting 1.3480 key resistance area.

EURUSD Forecast The EURUSD continued its bullish momentum yesterday topped at 1.3051 and closed at 1.3023. There are no changes in my technical outlook. Price is still in a strong bullish correction phase, slipped above the 200-4 hour-EMA. Immediate resistance, which is also the nearest bullish target is seen around 1.3100/60. Immediate support is seen around 1.2950. A clear break below that area could lead price to neutral zone in nearest term testing 1.2875 but only a clear break and daily close below 1.2800 could end the current strong bullish view.

EURUSD Forecast The EURUSD had another volatile but indecisive movement yesterday. The upper line of the triangle still provided a good intraday resistance area while on the downside 1.4350 support region still hold so far. Overall direction remains unclear as price is still in a consolidation phase inside the triangle and need a clear break from the triangle to see clearer direction. Aggressive intraday traders can still take the advantage of the current ranging market, short around the upper line of the triangle and 1.4500 or long around 1.4250 and the lower line of the triangle with tight stop loss as a break from the triangle could lead price to a new trending situation. We still have some spaces inside the triangle and probably can not expect a valid break from the triangle this weekend.

Business Talk Radio host Gabriel Wisdom recently spoke with Pete Kendall, Co-Editor of EWI’s Elliott Wave Financial Forecast. Their discussion included a crucial but rarely asked question about economists and the Federal Reserve. Here’s the relevant excerpt:

Gabriel Wisdom: “Ben Bernanke, the chairman of the Federal Reserve, says the economy is slowing but there’s faster growth ahead. Is he wrong?”

Pete Kendall: “Economists are extrapolationists. They tend to look at what’s happening in the economy and extrapolate that forward. So here we have a situation where not just Bernanke but economists in general are looking at… what they call the ‘soft patch’ and somehow contorting that into growth later in the year.

Pete’s startling reply flatly contradicts conventional wisdom. Most people believe that the Fed really is able to anticipate the economic future. After all, they’re the most “qualified.” But what do the facts say?

Pete’s

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