Forecast for January 13th, 2011
One should consider selling the EUR/USD currency pair if the price goes back into the rising channel. The first target is the channel’s lower border, the area of 1.2945.Then, after the price breaks the lower border we should expect it to go down to the level of 1.2880 with a possible fall even lower. The stop must be above 1.3050.
Pound has completely formed the rising pattern with the target in the area of 1.5672.After the price leaves the rising channel one can consider selling the GBP/USD currency pair with the target in the area of 1.5560. The stop must be above 1.5680.
At the H4 chart we can see the formation of the pattern which looks like “head & shoulders”, but in this case it is a pattern of continued trend.One can consider selling the pair with the tight stop. The target of the fall is the area of 0.7430.
In case of the EUR/JPY we have the expansion pattern forming with the target in the area of 106.43. Currently the price is testing the channel’s upper border. One can consider selling the pair only after the price breaks the rising channel.
At the hourly chart we have “head & shoulders” reversal pattern forming with the target in the area of 107.26. One can open short positions on the pair with the tight stop, and it is not recommended to increase the amount of sales until the neckline is broken.
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.