Forecast for December 26th, 2011
The EUR/USD currency pair is still under pressure, we should expect it to fall down to the level of 1.2814. One can consider selling the pair at current prices with the tight stop, and increase the amount of short positions only after the price breaks the level of 1.3000. If the pair grows higher than 1.3155, this case scenario will be cancelled.
At the H1 chart of the pair we have “triangle” pattern forming. We may suppose that the pattern will be broken downwards, in this case the target of the fall will be the area of 1.5546. One can consider selling the pair only after the price leaves “triangle”.
In case of NZD/USD currency pair we have “failure swing” forming, the target of the fall is the area of 0.7678. One can consider selling the pair at current prices with the tight stop above 0.7790. If the price reaches new local maximums, this case scenario will be cancelled.
The price is testing the support line at the RSI once again, we should expect it to rebound from the line and start moving upwards. Also, at the daily chart of the pair we have “triangle” pattern forming, one can consider buying the pair near the lower border.