The EUR/USD currency pair continues to grow, however it will be slightly corrected. The price is testing the upper line of the rising channel, which is a spot where the 4th point of reference is formed. We can expect the pair to fall from this spot into the area of 1.2890. Only after that we will try to buy the pair with the target in the area of 1.3220.
Let’s take a look at the H1 forex online chart to find the point of entry. One should try to sell the pair only if the price is out of the rising channel, and if the reversal pattern is formed, it will be even more positive factor. In this case the stop must be behind the local maximum.
In case of the GBP/USD currency pair the situation is similar. The prices of “head & shoulders” reversal pattern have been reached; at the moment we can expect the rate to fall into the area of 1.5560, where we will open long positions with the target of 1.5777. We will try to sell the pair only if the price is out of the channel.
Franc is forming the rising pattern with the target in the area of 1.0234. I remind you that we are expecting the rate of the currency pair to fall into the area of 0.9585. That’s why after the rising pattern is formed, we’ll consider selling the pair with the stop behind the local maximum.
Australian Dollar continues its steady growth. The rising pattern with the target in the area of 0.9547 is almost completed. One can try to buy the pair with the tight stop.
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.