Update: Bullish Forecast Reinforced | $EUR $USD $UDX #Forex

Friends,

Recently, we signaled a bullish reversal confirmation and defined TWO bullish targets that would require a break above a multi-year overhead trendline, namely:

1 - TG-1 = 1.38632 - 15 FEB 2014

and

2 - TG-High = 1.38997 - 15 FEB 2014.

Here is a quick source reference to the original anlyses:
1 - Both of these targets were per this analysis:
- tradingview.com/v/s9U9dRA8/

2 - Here is a WEEKLY view of that multi-year overhead trendline with relative positions of the bullish targets:
- tradingview.com/e/owquS4xX/

3 - Here is the original analysis: "Case For A Major Reversal":
- tradingview.com/v/s9U9dRA8/


What might be THE most important take-home point here, as related in the second linked chart above, is the fact that major bank short positions (see them listed in this analysis: tradingview.com/v/s9U9dRA8/) would take out ALL of the stop-losses, especially if our new and updated Bullish target of today would be reached by this surprisingly resilient bull - Our new target is:

"TG-Hi = 1.39508 - 05 MAR 2014, marked in grey in the current chart above, to distinguish it from the original "TG-High = 1.38997 - 15 FEB 2014", which is of higher probability in comparison.


OVERALL:

The Euro is remarkably quite bullish, with yet a potentially loftier target of lesser probability - defined today at 1.39508 - than the one defined as 1.38997 on February 15th. A bullish reversal signal remains in force, while the multi-year overhead trendline has yet to be breached for these targets to gain validation.

A reversal scenario could also occur, but at this point, there has not been any suggestion of any underlying weakness.

Cheers,


David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & Market Forecasting


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Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster