Forecast for June 21st, 2011
The EUR/USD currency pair keeps moving inside the descending expansion pattern, the target of the fall is the area of 1.3985. At the moment the price is testing the trend’s descending line, one can try to sell the pair with the tight stop above 1.4345.
Pound keeps moving inside the descending channel, the target of the fall is the area of 1.6056. We should expect the price to be corrected to the level of 1.6275, where one can consider selling the pair with the tight stop. But if the price breaks the descending channel and leaves it, this case scenario will be cancelled.
Franc is also inside the rising expansion pattern, one can consider selling the pair only after the price leaves the descending channel. The stop must be below 0.8415.
The EUR/JPY is moving inside the descending pattern with the target of the fall in the area of 112.30. One can consider the tight stop sales near the descending channel’s upper border in the area of 115.10. Don’t forget to move stop into the black as soon as possible.
The EUR/GPB currency pair has left the descending channel. At the moment we have “head & shoulders” reversal pattern forming with the target in the area of 0.8978. One can consider buying the pair either at current prices with the stop below 0.8785, or after the price breaks the neckline.