Weekly Insight includes Price & Time Projections by Cash Mechanics
At the time of last week's analysis the EUR/USD was trading at 1. 30764. Our bias called for a decline of the EUR/USD towards its bearish target zone of 1.29770 - 1.29370.
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PRLog (Press Release) - Apr 24, 2012 -
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Weekly Insight
(analysis by Al "Gunny" Davis)


EUR/USD: Sideways or sharp rally?



REVIEW

At the time of last week's analysis the EUR/USD was trading at 1. 30764. Our bias called for a decline of the EUR/USD towards its bearish target zone of 1.29770 - 1.29370. A minor bearish target zone is at 1.28754 - 1.28577 and we anticipated a close & retest that stayed below this zone would open the door down to the bearish target zone of 1.27830 - 1.26630. Our exit strategy called for a rally of the EUR/USD towards its bullish target zone of 1. 31363 - 1.31770, continuing up to the "FF 6" trendline and potentially up to 1.32034 - 1.32366. We anticipated a close & retest that stayed above the target zone of 1.32034 - 1.32366 would open the way towards the bullish target zone of 1. 33070 - 1.33470.

On 4/16/12 the EUR/USD declined to a low of 1.29945 and on 4/20/12 it rallied to a high of 1.32262. The EUR/USD closed the week at 1.32170.

ANALYSIS

Our long-term price analysis still remains bullish as the waves appear to be unfolding in a larger degree corrective pattern (pennant, wedge or triangle). We're anticipating a long-term rally that will trade towards and potentially beyond the bullish target zone of 1.57770 - 1.60380. The EUR/USD continues to trade in a 400 pip sideways channel. Our short-term bearish bias has not changed and calls for a decline of the EUR/USD towards its bearish target zone of 1.29770 - 1.29370. There's a minor bearish target zone at 1.28754 - 1.28577. A close & retest that stays below this zone will open the door down to the target zone of 1.27830 - 1.26630. Our exit strategy calls for a rally of the EUR/USD towards its bullish target zones of 1. 31363 - 1.31770, continuing up to the "FF 6" trendline and potentially up to the target zone of 1.32034 - 1.32366. A close & retest that stays above the bullish target zone of 1.32034 - 1.32366 will open the way towards the target zone of 1. 33070 - 1.33470.

Our long & short-term momentum indicators are mixed and signal a potential sideways trading range or a sharp rally is a possibility over the next few trading days. The decline off of the 1.51437 high appears to be unfolding in a pennant, wedge or triangle shaped pattern. It also appears to be a smaller degree pennant, wedge or triangle shaped pattern within a larger degree pennant, wedge or triangle shaped pattern from the decline that began at 1. 60380. Pennants, wedges and triangles are continuation patterns and support our long term bullish outlook. A failure of this pattern would lead to much larger declines.

TIMING

Our long term timing projections allow us to anticipate the potential of a significant swing point occurring between 6/24/12 & 6/28/12. Our short term timing projections allow us to anticipate a minor swing point may occur between 4/20/12 - 4/23/12 and also between 4/26/12 - 4/29/12.

Our timing projections have a factor of +/- 2 and allow us to anticipate potential turning points in the marketplace.

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Best regards,

Pat Arcadipane
Chief Executive Manager
Cashmechanics.com

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