EURUSD: Bull Pressure Points To The 13451 level

[FXTechstrategy Team]

EURUSD: With EUR closing higher the past week, more bullishness is expected to recapture the 1.3451 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.

 

[eyeball]

Analysis

I agree with your conlusion (more Euro upside) but not your methodology. There are perhaps 45 to 50 well known and commonly used indicators, including the one mentioned in your commentary. There are at least 100000 traders using this same set of indicators in an infinite variety of combinations and permutations in an attempt to forcast market direction, most without any consistent success. With all those traders and all those combinations and all that futility, to say nothing of the tens if thousans who have proceeded them in earlier times and now have taken their last (and final) position doesn't it seem that those commonly used indicators cannot be arranged in any way whatsoever that can forcast accurately and consistently future prices. be it minute, hour ,day or week.To be continued

 

[eyeball]

Continued from previous

Apparently what needed is a different set of indicators based on a different perspective, Supprt and resistance are fine as well as diverse movong averages BUT they don't pay the bills or produce sufficent profits--