Forex Technical Analysis 2011/31/08 (EUR/USD, EURO INDEX, GBP/USD, EUR/JPY) Forecast FX

30.08.2011

Forecast for August 31st, 2011

EUR/USD

The EUR/USD currency pair is moving according to the forecast. Right now the main scenario is a complete formation of the descending pattern with the target in the area of 1.3590. The price is testing the area of the 5th point of reference, we should expect Euro to continue falling down. If the price breaks the descending channel’s upper border, this case scenario will be cancelled.



At the H4 chart we can see the formation of the signal to sell the pair. The RSI indicator has broken the trend’s rising line, we should expect the test of the similar line at the price chart in the area of 1.4305. After the market breaks this level, the price will start moving downwards. But if the price reaches a new maximum in the area of 1.4510, this case scenario will be cancelled.


EURO INDEX

At the daily chart of Euro Index there are signs that the price may fall. We can see the formation of the descending pattern with the target in the area of 105.09. The price testing the trend’s descending line (which is a resistance line here) at the RSI is an additional signal to sell the pair, we should expect the pair to fall. But if the Index grows higher than 110.80, this case scenario will be cancelled.


GBP/USD

The GBP/USD currency pair is also moving according to the forecast, we should expect the price to continue moving downwards to the area of 1.6167. One can consider either selling the pair with the tight stop, or holding open positions. If the price breaks the trend’s descending line, this case scenario will be cancelled.


EUR/JPY

The EUR/JPY currency pair keeps moving inside the descending channel. Currently we should expect the price to fall into the area of 106.50, one can consider opening short positions. If the price breaks the “green” channel and leaves it, this case scenario will be cancelled. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair.


Attention!

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.

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