Forex Technical Analysis 2011/08/07 (EUR/USD, GBP/USD, EUR/GBP, GOLD) Forecast FX

Forecast for July 8^th, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. Currently at the hourly chart we can see the formation of the descending pattern with the target in the area of 1.4080. One can consider selling the pair near the level of 1.4260. If the price breaks the channel’s upper border, this case scenario will be cancelled.

GBP/USD

Pound is moving inside the descending channel, and at the moment we should expect the price to test the level of 1.5895. One can consider opening short positions near the descending channel’s upper border in the area of 1.6010. If the price leaves the descending channel, this case scenario will be cancelled.

EUR/GBP

In case of the EUR/GBP currency pair we can see the formation of the rising symmetrical pattern with the target in the area of 0.9165. We should expect the price to fall down to the rising channel’s lower border in the area of 0.8830, where one can consider buying the pair during a long term period. Bit if the price breaks the level of 0.8810, this case scenario will be cancelled.

GOLD

After breaking the rising channel the price went back to that level, we should expect the descending movement with the general target in the area of 1428. The price testing the trend’s descending line at the RSI is an additional signal to sell GOLD. The stop must be above 1535.