Forex Technical Analysis 2011/27/06 (EUR/USD, GBP/USD, NZD/USD, EUR/JPY) Forecast FX

Forecast for June 27^th, 2011

EUR/USD

The EUR/USD currency pair keeps moving according to the forecast. Currently we should expect the price to test the level of 1.4270 where one can try to sell the pair with the stop above 1.4305. One is recommended to increase the amount of short positions only after the price breaks the level of 1.4190. The general target of the fall is the area of 1.3933. But if the price breaks descending channel’s upper border and leaves it, this case scenario will be cancelled.

GBP/USD

The GBP/USD currency pair is forming “head & shoulders” reversal pattern. At the moment we should expect the price to break the neckline and can try to sell the pair in the area of 1.6160 with the target of 1.5770. The closest target of the fall is the area of 1.5660.

NZD/USD

One can consider selling New Zealand Dollar with the tight stop above 0.8195. The price is testing the descending channel’s upper border and forming “head & shoulders” reversal pattern at the RSI, which is an additional signal to sell the pair. But if the price breaks descending channel’s upper border, this case scenario will be cancelled.

EUR/JPY

The EUR/JPY currency pair is moving inside the descending channel with the target in the area of 112.20. By the moment the price has broken the level of 113.70, so one can consider selling the pair. The closest target of the fall is the area of 111.60. But if the price breaks the channel and leaves it, this case scenario will be cancelled.