Forex Technical Analysis 2011/22/06 (EUR/USD, GBP/USD, EUR/JPY, OIL) Forecast FX

Forecast for June 22^nd, 2011

EUR/USD

We may assume that the correction of the EUR/USD currency pair has finished, one can consider selling Euro with the tight stop after the price leaves the rising channel. The target of the fall is the area of 1.3950. If the price breaks the trend’s rising line at the RSI, it will be an additional signal to sell the pair.

GBP/USD

Pound has almost reached the area for sales. Currently we should expect the GBP/USD currency pair to fall into the area of 1.5980. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair.

EUR/JPY

The EUR/JPY currency pair is in the area for sales, one can consider opening short positions at current prices. If the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled. The target of the fall is the area of 112.20. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair.

OIL

Oil is moving inside the descending channel. At the moment we can see the formation of the symmetrical pattern with the target in the area of 88.35. One can consider selling Oil with the tight stop. If the price breaks the descending channel’s upper border and leaves it, this case scenario will be cancelled.