Forecast for April 14th, 2011EUR/USD
It seems like the EUR/USD currency pair is about to be corrected. At the H4 chart we can see the formation of “failure swing” reversal pattern with the target in the area of 1.4400 at the RSI. One can try to sell Euro with the tight stop above 1.4525. Don’t forget to move stops into the black as soon as possible.
In case of GBP/USD currency pair we can see the formation of the descending pattern with the target in the area of 1.6621. One can try the tight stop sales. If the price breaks the descending channel and leaves it, this case scenario will be cancelled.
Franc keeps moving inside the descending channel. At the moment we should expect the price to be corrected to the channel’s upper border where one can try to open short positions with the target in the area of 0.8903. If the price breaks the channel’s upper border, this case scenario will be cancelled.
Canadian Dollar has broken the descending channel’s border and now is testing the area. Also we have “head & shoulders” reversal pattern forming with the target in the area of 0.9723. One can try to buy the USD/CAD currency pair with the tight stop at current prices and increase the amount of long positions only after the price breaks the neckline.