EURUSD Sluggish

Forecast for EURUSD:

EURUSD charts have been quite sluggish for the last few sessions. With a minor jump since the 19th of March, 2012, the forex pair seemed to have gained momentum. However, this move is most likely to deceive traders in the near future. Gann analysis for the pair shows the prevalence of a bearish trend. 

The recent jump occurred on an important Gann date which was 15 trading days from the last change in trend, which fell on the 27th of February, 2012. However, we expect lower trading levels in the next few days to come. A major reversal in trend can be expected on the 24th of March, 2012 or 26 trading days from the 27th of February, 2012. Both these dates are very significant in terms of Gann analysis techniques.

As far as Camarilla Levels are concerned, the sluggishness in the pair is duly justified due to the fact that the current trading levels lie within the L3 and the H3 levels. Unless a penetration into any of these two zones is observed a decisive trend is not to be expected. However, it may be observed that an overall bearishness is expected until the major reversal dates are arrived at.

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