Forex Technical Analysis & GBP/USD Forecast for March 1st, 2012

Tenkan-Sen and Kijun-Sen intersected forming “Dead Cross” (2), Tenkan-Sen is almost vertical and directed downwards, and Kijun-Sen is horizontal. Ichimoku Cloud is going down (2), Senkou Span A turned downwards, and Senkou Span B is also horizontal. Chinkou Lagging Span is below the chart and away from it, the price is trying to stay inside the channel between Tenkan-Sen and Kijun‑Sen. In the near term, we can expect the price to fall down and support of Tenkan-Sen.

Forex Technical Analysis & GBP/USD Forecast for March 1st, 2012

The GBP/USD currency pair is moving upwards, and it is not as we predicted. Yesterday the price reached a new local maximum at the level of 1.5990. Currently we should expect the pair to continue growing up. The closest target of the rising pattern is the area of 1.6100, one can consider buying Pound with the tight stop. The test of the trend’s rising line (which is a support line here) at the RSI is an additional signal to buy the pair. If the price breaks the level of 1.5870, this case scenario will be cancelled.

Forex Technical Analysis & EUR/USD Forecast for March 2st, 2012

EUR/USD currency pair continues falling down according to our forecast, it made a significant descending movement from the level of 1.3470 into the area 1.3290. Currently the price is moving at the level of 1.3330.  we should expect a rebound from the current levels and the start of the rising movement. One can consider buying the pair with the tight stop. The closest target of the growth is the level of 1.3565, the area for purchases is the level of 1.3215. If the price breaks the rising channel’s lower border, this case scenario will be cancelled and we should expect the pair to continue moving downwards.

Forex Technical Analysis & EUR/GBP Forecast for March 1st, 2012

Fall of Euro may be connected with the descending movement of the EUR/GBP currency pair also. The price is forming a descending symmetrical pattern with the target in the area of 0.8050. By now, the pair has already defined the area of the 5^th pivot point, we should expect it to start falling down from the current levels. The test of the trend’s descending line at the RSI is an additional signal to sell the pair. If the price breaks the descending channel’s upper border, this case scenario will be cancelled

Forex Technical Analysis & EUR/USD Forecast for March 1st, 2012

The EUR/USD currency pair reached the closest targets of the fall, it didn’t continue moving downwards. Currently the pair is testing local maximums. At the RSI we can see the formation of “head & shoulders” reversal pattern. We should expect Euro to fall from the current levels, the target of the fall is the area of 1.3105. One can consider selling the pair with the tight stop. If the price breaks the descending channel’s upper border, this case scenario will be cancelled.