Forecast for December 29th, 2011
The EUR/USD continues moving inside the descending pattern, and at the moment we should expect it to start falling down. The final target of the pattern is the area of 1.2650. We recommend you to increase the amount of sales only after the price breaks the level of 1.2825. If the pair leaves the channel, this case scenario will be cancelled.
In case of Pound, we should expect it to fall down to the lower border. One can consider selling the pair with the tight stop above 1.5685 and increase the amount of sales only after price breaks the level of 1.5560. If the pair breaks the resistance level in the area of 1.5765, this case scenario will be cancelled.
Canadian Dollar is testing the “triangle’s” lower border, we should expect it to rebound from the border and start moving upwards to the pattern’s upper border in the area of 1.0380. The test of the trend’s rising line at the RSI is an additional signal to buy the pair. If the price falls lower than 1.0015, this case scenario will be cancelled.