{"id":34942,"date":"2013-01-01T17:17:38","date_gmt":"2013-01-01T22:17:38","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=34942"},"modified":"2013-01-01T17:17:38","modified_gmt":"2013-01-01T22:17:38","slug":"dont-expect-the-news-to-tell-you-where-eurusd-is-going-next","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/01\/01\/dont-expect-the-news-to-tell-you-where-eurusd-is-going-next\/","title":{"rendered":"Don’t Expect the News to Tell You Where EUR\/USD Is Going Next"},"content":{"rendered":"

Retrospective explanations of market moves don’t keep you ahead of the trend <\/span><\/h3>\n

By Elliott Wave International<\/span><\/h3>\n

On December 27, EUR\/USD shot up as high as $1.3283. Forex news headlines were quick to comment:<\/p>\n

“Dec 27 – The euro slightly extended gains against the dollar after strong U.S. new home sales data last month further lifted the market’s appetite for riskier currencies.”<\/p><\/blockquote>\n

But after EUR\/USD hit that high, it promptly reversed and fell back down to the $1.3200 level, where it had been stuck all week.<\/p>\n

You may ask: What happened to that “appetite for riskier currencies”?<\/p>\n

Good question, and here’s the answer: That explanation came after<\/em> the EUR\/USD rally, not<\/strong> before.<\/p>\n

See, it’s easy to fit the news to market action after the fact: Just grab the news story that best “explains” the move. But retrospective explanations don’t keep you ahead of the trend. To win in forex, you need forward-looking analysis<\/em>, and you need it before the market moves.<\/p>\n

On December 26, the editor EWI’s forex-focused Currency Specialty Service<\/em>, Jim Martens, posted this comment on his Twitter feed:<\/a><\/p>\n

EWI Forex Insider: @FX_ElliottWave<\/a>
\nNow that we got the EUR rise we expected, the double zigzag rise from 1.3158 to 1.3256 leaves EUR\/USD vulnerable to a decline.<\/strong><\/p><\/blockquote>\n

Then, on the morning of December 27, Jim updated his Currency Specialty Service<\/em> subscribers via this intraday forecast (excerpt):<\/p>\n

\"\"<\/p>\n

EURUSD (Intraday)<\/strong>
\nPosted On: Dec 27<\/strong> 2012 10:01AM ET \/ Dec 27 2012 3:01PM GMT
\nLast Price: 1.3269<\/strong>
\nThe overlapping rise and possible double top near 1.3309 could lead to a larger correction. A flat or triangle would lead to weakness…<\/p><\/blockquote>\n

And here’s the decline EUR\/USD saw shortly after:<\/p>\n

\"\"<\/p>\n

Note that neither of these two forecasts mentioned the news. And for good reason: The December 27 euro-bullish news would have had you buying EUR\/USD all the way into the top.<\/p>\n

Instead of the news, we at EWI look at objective Elliott wave chart patterns. That, and not the news, is what helps us to forecast the markets before they move.<\/p>\n

We don’t always succeed. However, as you can tell from this example, our Currency Specialty Service<\/em> delivers true<\/em> forward-looking analysis. Get our forecast for the U.S. dollar plus 5 hidden<\/em> market opportunities for 2013 in a brand-new FREE report >><\/a><\/p>\n

 <\/p>\n\n\n\n
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BONUS: <\/strong>You also get Jim’s new 5-minute video update featuring 2 major currency pairs.<\/p>\n

All you need to access this video report is a FREE Club EWI profile.<\/p>\n

Complete your free Club EWI profile now and get instant access to these special videos >><\/strong><\/a><\/p>\n

Club EWI is the world’s largest Elliott wave community with more than 325,000 members. Membership is 100% free and includes free reports, tutorials, videos, special events, promotional offers and access to the valuable EWI Q&A Message Board.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

This article was syndicated by Elliott Wave International and was originally published under the headline Don’t Expect the News to Tell You Where EUR\/USD Is Going Next<\/strong><\/a>. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.<\/em><\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Retrospective explanations of market moves don’t keep you ahead of the trend By Elliott Wave International On December 27, EUR\/USD shot up as high as $1.3283. Forex news headlines were quick to comment: “Dec 27 – The euro slightly extended gains against the dollar after strong U.S. new home sales data last month further lifted … <\/p>\n

Continue reading “Don’t Expect the News to Tell You Where EUR\/USD Is Going Next”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-34942","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/34942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=34942"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/34942\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=34942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=34942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=34942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}