Forex Technical Analysis 2011/02/02. Euro Index, EUR/USD, GBP/USD, GOLD Forecast FX.

01.02.2011

Euro Index Forecast Feb 02 2011

In case of  Euro  Index we have a situation which is in favour of Euro’s growth. At the daily forex online chart we can see that “head & shoulders” reversal pattern with the target in the area of 110.46 has been already formed. Currently the price is in the area of the 5th point of reference, where we should expect Euro Index to continue moving upwards.

Euro Index Forecast Feb 02 2011

EUR USD Forecast Feb 02 2011

The EUR/USD currency keeps moving according to the eur usd analysis. The final targets remain the same. At the moment one can try to buy the pair with the target in the area of 1.3840. The stop must be below 1.3695. If the price breaks the rising channel, this case scenario will be cancelled.

EUR USD Forecast Feb 02 2011

GBP USD Forecast Feb 02 2011

Pound is also moving according to the gbp usd analysis. The first target has been reached, we should expect the price to keep moving upwards. At the hourly chart of the pair we have the symmetrical pattern forming with the main targeton the area of 1.6345. The closest target of the growth is the level of 1.6270. At this level the pair is expected to be corrected to the channel’s lower border, 1.6145, and then to start growing again.

GBP USD Forecast Feb 02 2011

GOLD Forecast Feb 02 2011

In case of GOLD we can see that formation of “head & shoulders” reversal pattern is almost finished. We must wait until the neckline is broken and expect the price to grow into the area of 1386. The stop must be below 1320.

GOLD Forecast Feb 02 2011
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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