Forecast for December 12th, 2011
The EUR/USD currency pair continues moving downwards according to our forecast. At the moment we should expect the price to fall with the target in the area of 1.2820. One is recommended to hold their sales and increase the amount of short positions. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.
Franc continues moving inside the rising pattern. We can consider buying it with the tight stop below 0.9235 and increase the amount of long positions only after the price breaks the level of 0.9280. The target of the growth is the area of 0.9430. If the price breaks the channel’s lower border, this case scenario will be cancelled.
The EUR/JPY currency pair is also moving according to the forecast. Currently at the M30 chart of the pair we can see the formation of the descending pattern with the target in the area 102.65. One can consider selling the pair with the stop above 103.80. If the price breaks the level of 103.95, this case scenario will be cancelled.
At the H4 chart the price is forming “head & shoulders” reversal pattern, the target of the fall is the area of 101.27. The closest target is the channel’s lower border in the area of 101.75, which is expected to be a starting point of the correction to the level of 102.45.
Gold started moving downwards. At the weekly chart of the instrument we have “failure swing” reversal pattern forming with the closest target in the area of 1620. One is recommended to hold previously opened positions, or consider opening short ones with the tight stop. The next target of the fall will be the level of 1580.