Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

EUR USD Forex Analysis

Currencies / Euro May 27, 2018 - 06:13 PM GMT

By: Austin_Galt

Currencies Latest Price – 116.61

Previous analysis updated – price has continued to trade down but the overall outlook calling for a substantial rally remains unchanged.


Weekly Chart

Pattern – while the move down off the high has been steep it has also done absolutely zero damage to the uptrend. Although price is now reaching the limit which is the previous swing low set in November 2017 at 1.1555 and is denoted by the horizontal line. I am looking for an explosive move higher that sets up a “three strikes and you’re out” top formation. This would be the final high with the first two strike highs already in place. While a 5 point broadening top has a possibility of developing I doubt that would happen and my line in the sand for this uptrend remains that 1.1555 level.

Bollinger Bands – price has hugged the lower band and there is still no sign of moving away, although I expect that to change imminently.

Fibonacci – the 50% angle was able to hold price which has subsequently traded further down and is now around support from the 61.8% angle. I am looking for support to kick in big time here. Confidence is high but the market will determine shortly whether or not that confidence is misplaced. I am looking for the final high to be up around resistance from the 38.2% angle later this year, most likely above the 1.30 level.

RSI – oversold.

Monthly Chart



Pattern – a downtrend is in force and I am viewing this current uptrend as a bear rally only. Price trading above, or better said closing above, the previous swing high set in March 2014 at 1.3966 and denoted by the horizontal line would change that.

Bollinger Bands – price has traded down to the middle band and is currently marginally below. I favour support to come in here and send price back up to the upper band and beyond.

Fibonacci – the next major level of resistance is the 88.6% angle and that is where I am looking for this bear rally to ultimately top out at.

Moving averages – at the point of making a bearish crossover and this is the exact time where a reverse in direction takes place, at least temporarily.

RSI – in weak territory.

Summing up - while price has traded solidly lower over the last month, and may also nudge marginally lower this coming week, as long as price holds above the previous swing low of 1.1555 I remain solidly bullish over the coming months looking for an explosive rally in the vicinity of 15%.

By Austin Galt

www.thevoodooanalyst.com 

Austin Galt has previously worked as a stockbroker and investment banker while studying technical analysis for over two decades. He is also the author of the book White Night: A Colombian Odyssey

Email - info@thevoodooanalyst.com 

My website is www.thevoodooanalyst.com 

© 2018 Copyright  The Voodoo Analyst - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Austin Galt Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in