Currencies are believed to move in cycles, which means that one may try to estimate and predict their future fluctuations. Technical analysis helps to look into behavior of currency pairs on the basis of traded value, movement direction, investors’ common interests, and fluctuations history.
Technical analysis offers a trader a range of patterns that can predict price movement. Some of them predict a price reversal in one direction or another, others - a repetition of changes. To make it easier to use technical analysis, there is a number of indicators that include several parameters from the price chart. So, both experienced and novice traders can resort to technical analysis - it is believed that both of them should be familiar with the basics of technical analysis. It should be noted that forecasts made based on technical analysis cannot be considered 100% accurate, but they can still make trading more efficient. This page presents conclusions and forecasts made by RoboForex experts based on tech analysis.
17.09.2010
The EUR/USD currency pair continues to grow, however it will be slightly corrected. The price is testing the upper line of the rising channel, which is a spot where the 4th point of reference is formed. We can expect the pair to fall from this spot into the area of 1.2890. Only after that we will try to buy the pair with the target in the area of 1.3220.
16.09.2010
Looks like the Dollar Index will continue to fall. Yesterday the price tested the neckline of the “head &shoulders” reversal pattern. At the moment the target of this fall is the area of 80.24, which means that, in comparison to the most currency pairs, Dollar will continue to fall.
15.09.2010
The rising expansion pattern has been completely formed. At the moment we can expect the correction of the pair. After the rising channel is broken, one can try to sell the pair with the stop behind the local maximum. The first target is 1.2895, the next one is 1.2835.
14.09.2010
The EUR/USD is moving according to the forecast. At the moment we can expect the final rising movement into the area of 1.2930-1.2955. So we can either continue to buy or try to open long positions with the tight stop.
13.09.2010
The EUR/USD currency pair, as expected, started to grow. The closest target of this rising movement is the area of 1.2955. Currently we can see the formation of the pattern with the target of 1.2869. One should expect correction into the area of 1.2771 where we can try to buy the pair.
10.09.2010
Looks like the market is going to follow the formed “divergence” shown by the RSI indicator, so the rising pattern still remains in effect. We can try to buy the pair with the stop below the local minimum. In case the price reaches new minimum, one is advised to close out the deal and wait until the next week when we will try to sell the pair.
09.09.2010
The chart hasn’t confirmed further fall of the pair. At the moment the rising expansion pattern still remains in effect. The price is testing the line of the rising trend. One can try to buy the pair with the stop below the local minimum and the target in the area of 1.2955.
08.09.2010
The descending channel has not been broken, thus the market has not defined an area for purchases. Currently we can correct the expansion pattern with the target in the area of 1.2630. One can try the tight stop sales.
