Forex Technical Analysis 2011/16/08 (EUR/USD, GBP/USD, EUR/GBP, EUR/CHF) Forecast FX


Forecast for August 16th, 2011


The EUR/USD currency pair is moving according to the forecast, and has almost reached the area of the 5th point of reference, 1.4570. We should expect the price to be corrected from this level to the channel’s lower border in the area of 1.4320, where one can consider buying the pair with the tight stop. The target of the growth is the area of 1.4705. But if the price leaves the channel, this case scenario will be cancelled.


Pound is testing the descending channel’s upper border. One can consider opening long positions with the target in the area of 1.6645 after the price leaves the channel. The stop must be below 1.6300. But if the price falls to the level of 1.6230, this case scenario will be cancelled.


The EUR/GPB currency pair is moving inside the rising channel. We can see the formation of upside down “head & shoulders” reversal pattern. The final target of the pattern is the area of 0.9125, i.e. the channel’s upper border. Please, note, that the pattern hasn’t been completed yet, that’s why opening positions at current prices will be aggressive. The stop must be below 0.8730. We recommend you to increase the amount of long positions only after the price breaks the neckline.


The EUR/CHF currency pair is moving inside the descending expansion pattern with the final target in the area of 0.9645. Currently the price is testing the trend’s descending line, we should expect it to rebound from the line and start moving downwards. The price testing the resistance level at the RSI is an additional signal to sell the pair. But if the price grows higher than 1.1450, this case scenario will be cancelled.


Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.