Wednesday, 6 May 2015
EUR/USD to continue upwards
On 1 Apr 2015, I drew a blue triangle on the graph of the EUR/USD, predicting that the downtrend would end and guessing the shape of the coming uptrend (i.e., to mirror the retired downtrend). A week later I predicted that the graph would bounce off Line A, but, days later, had to amend my guess that it would bounce, instead, off Line C. Then, I had to move my blue triangle over to the right. Over-all, the uptrend is on course. Since the Greek crisis gets worse and worse, we have seen, as I guessed, that this would have little effect, the main force in the market-place now being the necessity for the American Dollar to lose value against other currencies. As with other trends, this one will overshoot the mark, i.e., continue for some months at least.