Forex Technical Analysis 2011/08/12 (EUR/USD, GBP/USD, EUR/JPY, SILVER) Forecast FX

07.12.2011

Forecast for December 8th, 2011

EUR/USD

The EUR/USD currency pair continues testing the descending channel’s upper border. Judging by the price structure, we should expect a significant fall of the pair to the level of 1.2820. One can consider selling the pair with the tight stop and increase the amount of short positions only after the price breaks the level of 1.3265. If the price leaves the channel, this case scenario will be cancelled.


GBP/USD

Pound keeps moving inside the descending pattern, the closest target of the fall is the area of 1.5485. The price testing the trend’s descending line at the RSI is an additional signal to sell the pair. If the price grows higher than 1.5675, this case scenario will be cancelled.


EUR/JPY

The EUR/JPY currency pair is moving inside the daily descending pattern with the final target in the area of 95.08. One can consider selling the pair with the tight stop. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled. We recommend you to increase the amount of short positions only after the price breaks the level of 101.80.



At the H4 chart of the pair we have “head & shoulders” reversal pattern forming with the target in the area of 101.30. One can consider selling the pair at current prices with the stop above 104.65 and increase the amount of short positions only after the price breaks the neckline.



The H1 chart of the pair indicates that the pair is falling down to the level of 102.96, one is recommended to start selling with the stop above 104.50. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.


SILVER

Silver continues moving inside the descending pattern, the closest target of the fall is the area of 29.78. One can consider selling the instrument at current prices with the stop above 33.35, and increase the amount of short position only after the price breaks the lower border and leaves the rising channel. The return to the trend’s broken line at the RSI is an additional signal to sell the instrument.


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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