EURUSD -> Anticipatory Decision Point Flow Charting

 

By Brasil61

 

Hi All ..

Anticipatory Decision Point Flow Charting? .. lol what a crock..!! nonsense language … How about a couple guesses based on the price action..hmmm  …sounds better already

EURUSD weekly

My thoughts – bounce seems like only extreme oversold relief.. NOT change of trend..YET ..the red level lines show what I think is an important distinction.. weekly close above 12980 is legit BULL candle ..weekly close at or near 12880 creates appearance of bull candle but starts a possible BEAR flag consolidation.

Also to break the dotted inner down trendline need a close higher which helps the BULL retrace story ..

The two green boxes represent ..upper ..a BULL retrace target – ..lower.. the expected longer term target once this extreme oversold works off..

Next weeks candle will tell more .. a test and FAST bounce of the lows 12650 area would strengthen BULL case .. alot ..more up without any retrace ..lowers the probability that this is a bottom

I expect the new range for EURUSD is 12000 – 13000 for 2012 – but that is just an opinion ..I’ll focus on the charts ..

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About Brasil61

Chris Bayer is an independent Forex trader using simple technical analysis and refined market observation based on candle to candle price action in multiple time frames, his approach focuses on entry and risk control. Chris comments on the FX market and financial news every morning with his DAILY .. “The First Shot” morning webinar starting at 5:59 am est and throughout the day on twitter as @Brasil61 Chris has a strong understanding of international economics and inter-market relationships. He has made a living trading daily for the last 9 years and has been a successful investor in the markets for the last 25.