The EUR/USD continues moving inside the descending channel. The price was supported by a very strong support level, we should expect it to rebound from the current levels and start moving upwards. The closest target of the growth is the area of 1.3150. If the price breaks the channel’s lower border, we should expect the pair to continue growing up into the area of 1.3270. Also, we can’t exclude a possibility that the price may test the level of 1.3030, where one can consider buying Euro aggressively. If the pair falls down lower than 1.30, this case scenario will be cancelled.
After completing wave , the price formed an initial descending impulse. Wave (B) inside the correction took the form of horizontal triangle pattern, and wave (C) was completed reduced. During this week we can expect the price to finish wave (2) and then start falling down while forming the third wave.
The EUR/GBP currency pair is moving inside an “oversold zone” and trying to break the -1/8 level. Most likely, the price will continue falling down after Easter holidays in Europe are finished. During this week we can expect the pair to break the -2/8 level and the lines at the chart will be redrawn.
The H4 chart of the EUR/USD currency pair shows a bearish tendency on the descending trend. The price formed two bearish Three Methods patterns below Window 2012.02.03, which indicate that the trend continues. Three Line Break chart confirms a descending trend, Heiken Ashi candlesticks indicate a sideways correction.
GBPUSD, Time Frame Н4 – Tenkan-Sen and Kijun-Sen intersected above Kumo Cloud forming “Dead Cross” (1), Tenkan-Sen is directed upwards, and Kijun-Sen turned downwards. Ichimoku Cloud is going down (2), Senkou Span A is horizontal, and Senkou Span B is directed upwards. Chinkou Lagging Span is below the chart, the price is below Kumo Cloud. In the near term, we can expect resistance of Senkou Span B and the price to fall down.