Forecast for August 15th, 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.
Franc is moving inside the rising channel, the target of the growth is the area of 0.7856. However, if the price breaks the rising channel’s lower border, one can consider selling the pair with the tight stop above 0.7860. The closest target of the fall is the area of 0.7365.
The EUR/JPY currency pair is moving inside the descending pattern with the target in the area of 106.44. One can try to sell it with the tight stop. But if the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.
New Zealand Dollar keeps moving upwards and right now we can see the formation of the rising symmetrical pattern with the target in the area of 0.8394. The stop must be below 0.8245. But if the price leaves the channel, this case scenario will be cancelled.