Currencies are believed to move in cycles, which means that one may try to estimate and predict their future fluctuations. Technical analysis helps to look into behavior of currency pairs on the basis of traded value, movement direction, investors’ common interests, and fluctuations history.
Technical analysis offers a trader a range of patterns that can predict price movement. Some of them predict a price reversal in one direction or another, others - a repetition of changes. To make it easier to use technical analysis, there is a number of indicators that include several parameters from the price chart. So, both experienced and novice traders can resort to technical analysis - it is believed that both of them should be familiar with the basics of technical analysis. It should be noted that forecasts made based on technical analysis cannot be considered 100% accurate, but they can still make trading more efficient. This page presents conclusions and forecasts made by RoboForex experts based on tech analysis.
12.08.2011
In case of EUR/USD currency pair we have upside down “head & shoulders” reversal pattern forming with the target in the area of 1.4453. One can try to buy the pair with the tight stop. But if Euro falls lower than 1.4165, this case scenario will be cancelled. We recommend you to increase the amount of long positions only after the price breaks the neckline.
11.08.2011
The EUR/USD currency pair keeps testing the level where the descending channel has been broken, one can still consider buying the pair with the tight stop. The closest target of the growth is the area of 1.4580. One can try to buy the pair near the level of 1.4340. The final target of the growth is the area of 1.4730. But if the price breaks local minimum, this case scenario will be cancelled.
11.08.2011
The EUR/USD currency pair went back to the level where the descending channel had been broken. One can consider opening long positions on the pair, but only until the price breaks the local minimum at the level of 1.4052. Right now one can try to buy the pair with the tight stop below 1.4140. The closest target of the growth is the area of 1.4565.
09.08.2011
The EUR/USD currency pair is moving according to the forecast, currently we should expect the price to grow to the level of 1.4572. The farthest target is the area of 1.4829, one can consider buying the pair near the rising channel’s lower border. We may assume that the level of 1.4350 may be a starting point of a new wave of growth. The stop must be below 1.4095.
08.08.2011
The EUR/USD currency pair has almost reached the level defined earlier and is moving inside the descending pattern right now. We should expect the price to be corrected to the level of 1.4180, where we can consider selling the pair with the tight stop. The target of the fall is the area of 1.4050. But if the price breaks the rising channel’s upper border, this case scenario will be cancelled.
06.08.2011
The EUR/USD currency pair is moving according to the forecast. After reaching the target level in the area of 1.4068, the price started growing, but hasn’t broken the descending channel yet. Right now we should expect the price to fall to the level of 1.4180, which may be a starting point of the growth into the area of 1.4447. One can consider buying the pair after the breaks the descending channel’s upper border. But if the price reaches a new minimum below the level of 1.4055, this case scenario will be cancelled.
04.08.2011
The EUR/USD currency pair is moving inside the descending channel, the target of the fall is the area of 1.4068. When the price reaches this level we should expect the pair to grow to the level of 1.4630. One is recommended to buy the pair only after the price leaves the descending channel. But if the price falls lower than 1.4020, this case scenario will be cancelled.
03.08.2011
The EUR/USD currency pair is moving according to the forecast. By now, the price has been corrected to the area where the rising channel was broken, we should expect the pair to fall into the area of 1.4066. One can consider selling the pair with the tight stop above 1.4345. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.
