Forecast for December 23rd, 2011
Currently the EUR/USD currency pair continues moving inside the descending pattern. One can consider selling the pair with the tight stop above 1.3120 after the price breaks the trend’s line. The target of the fall is the area of 1.2832. it the price grows higher than 1.3250, this case scenario will be cancelled.
The RSI indicator has almost broken the trend’s rising line, we should expect the pair to fall to the level of 1.5590. One can consider selling the GBP/USD currency pair with the tight stop. If the price reaches a new maximum at the level of 1.5790, this case scenario will be cancelled. We recommend you to increase the amount of sales only after the price breaks the channel’s lower border.
Canadian Dollar has left the descending channel, one can consider buying the pair with the tight stop below 1.0230. the breaking of the trend’s rising line at the RSI is an additional signal to buy the pair. The closest target is the descending channel’s upper border, the next one is the resistance level in the area of 1.0415.
At the H4 chart of the instrument we can see the formation of the descending pattern with the target in the area of 1513. Currently we should expect the price to test the area of the 5th
pivot point, 1658, where one can consider selling Gold with the tight stop. If the price breaks the upper border and leaves the descending channel, this case scenario will be cancelled.