EURO Dollar Forecast Update

EURO Dollar Forecast 05-15-12

I commence with my gratitude to The Creator

Back on 05/08/12, I had forecasted that EUR shall continue its decline, while some were suggesting that 1.300 shall offer support. I had predicted that it shall fall to 1.270 levels and even further in due time. Today, EURO has reached said 1.270 levels and also, touched certain support levels which shall offer support. EURO decline is reached 161.8% extension previous leg 'AB'. Furthermore, it has approached my time/price time cycle line in blue color.

Hence, EURO shall find reasons to bounce from hereon. Therefore, confluence of price and time shall offer a support for EURO.

EURO/DOLLAR Forecast 5-8-12

EUR Forecast 05-08-12

I commence with my gratitude to The Creator.

EUR is setting up for big decline from hereon.

Looking at the daily charts, it has successfully completed and tested the support at the neckline of wide Head and Shoulder pattern which started off from February 1st, 2012. Based upon the H&S successful manifestation of the decline, very first target is @ 1.2800, and 1.27345, 1.2555. Based upon the alternative price projection, I am getting first support at 1.2913, 1.28471, 1.26721.

EUR Forecast 05-08-12

However, 3-days chart portends a much bigger decline. Thus, giving me first support target at 1.2528, followed by retest of June 2010 lows. Targets triggered by weekly Chart, are 1.1580, 1.1157, and finally at par with US Dollar.