Analysis for February 18th, 2013
EUR/USD
The H4 chart of the EUR/USD currency pair shows a bearish tendency, which is indicated by Three Methods pattern. Three Line Break chart and Heiken Ashi candlesticks confirm a descending movement.
The H1 chart of the EUR/USD currency pair also shows a bearish tendency, which started after Doji pattern. The closest Window is broken, now it’s a resistance level. Three Methods pattern and Three Line Break chart confirm a descending movement; Tower pattern and Heiken Ashi candlesticks indicate a possible bullish pullback.
USD/JPY
The H4 chart of the USD/JPY currency pair shows a sideways correction on the ascending trend. Three Line Break chart and Heiken Ashi candlesticks confirm an ascending movement, but if the level of a bearish Tweezers pattern is strong enough to resist, the price may form Three Mountains or Three Buddhas patterns.
The H1 chart of the USD/JPY currency pair shows a bullish tendency. The closest Windows are support level. Three Line Break chart confirms the main trend; and Heiken Ashi candlesticks indicate a possible bearish pullback up the support level.
RoboForex Analytical Department