EUR/USD today's market forecast 08/19/11
19 August 2011
Today's forecast
The pair is trading along an downtrend.
The downtrend may be expected to continue from current levels, which will be followed by reaching support level 1.4240 and then 1.4175.
An uptrend will start as soon as the pair rises above resistance level 1.4395, which will be followed by moving up to resistance level 1.445 and then 1.4510.
Resistances: 1.4350, 1.4375, 1.4395, 1.4445, 1.4510
Supports: 1.4240, 1.4175, 1.4100
Forecast weekly, 08/15 – 08/19
The pair is trading along an sideways trading pattern.
An uptrend will start as soon as the pair rises above resistance level 1.4400, which will be followed by moving up to resistance level 1.4510 and then 1.4600.
An downtrend will start as soon as the pair drops below support level 1.4175, which will be followed by moving down to support level 1.4100 and then 1.3965.
Resistances: 1.4400, 1.4510, 1.4600, 1.4800
Supports: 1.4175, 1.4100, 1.3965, 1.3775
Forecast monthly, June
The pair has formed a “double bottom” trend-turning figure represented by the “B-B+” trend channel, which is supposed to provoke and strengthen the uptrend as soon as the market rises above resistance level 1.4310. In such case it will then move up to resistance levels 1.4555/1.4700. Level 1.4700 is a key resistance, and we will expect a downtrend to start from there with the downside target set at support level 1.4090. However, if the pair gets over 1.4700, it will then reach resistance 1.5015.
A downtrend will start in case the pair moves under support level 1.4090, which will be followed by reaching support 1.3800 and then 1.3520.
Resistances: 1.4310, 1.4555, 1.4700, 1.5015
Supports: 1.4090, 1.3975, 1.3800, 1.3520
Forecast Quarterly, December/January–March
The pair is trading along an downtrend.
The downtrend may be expected to continue from current levels, which will be followed by reaching support level 1.4240 and then 1.4175.
An uptrend will start as soon as the pair rises above resistance level 1.4395, which will be followed by moving up to resistance level 1.445 and then 1.4510.
Resistances: 1.4350, 1.4375, 1.4395, 1.4445, 1.4510
Supports: 1.4240, 1.4175, 1.4100
Forecast weekly, 08/15 – 08/19
The pair is trading along an sideways trading pattern.
An uptrend will start as soon as the pair rises above resistance level 1.4400, which will be followed by moving up to resistance level 1.4510 and then 1.4600.
An downtrend will start as soon as the pair drops below support level 1.4175, which will be followed by moving down to support level 1.4100 and then 1.3965.
Resistances: 1.4400, 1.4510, 1.4600, 1.4800
Supports: 1.4175, 1.4100, 1.3965, 1.3775
Forecast monthly, June
The pair has formed a “double bottom” trend-turning figure represented by the “B-B+” trend channel, which is supposed to provoke and strengthen the uptrend as soon as the market rises above resistance level 1.4310. In such case it will then move up to resistance levels 1.4555/1.4700. Level 1.4700 is a key resistance, and we will expect a downtrend to start from there with the downside target set at support level 1.4090. However, if the pair gets over 1.4700, it will then reach resistance 1.5015.
A downtrend will start in case the pair moves under support level 1.4090, which will be followed by reaching support 1.3800 and then 1.3520.
Resistances: 1.4310, 1.4555, 1.4700, 1.5015
Supports: 1.4090, 1.3975, 1.3800, 1.3520
Forecast Quarterly, December/January–March
The pair failed breaking up key resistance level 1.3970, which put an end to the “C-C+” uptrend. Now the pair is trading along just-started downtrend having the downside target set at level 1.2220.
The trend’s first descending wave “a” is currently in development. Its downside target is seen at support cloud around 1.2690–1.2895. Next, if the pair cannot pass under level 1.2690 in first attempt, we may expect correctional wave “b” to develop with the upside target set either at resistance level 1.3290 or key resistance cloud around 1.3485–1.3670. The downtrend will be able to resume from those levels in a form of descending wave “c” having the downside target set at support level 1.2220 (the next support will be found at level 1.1780).
The trend’s first descending wave “a” is currently in development. Its downside target is seen at support cloud around 1.2690–1.2895. Next, if the pair cannot pass under level 1.2690 in first attempt, we may expect correctional wave “b” to develop with the upside target set either at resistance level 1.3290 or key resistance cloud around 1.3485–1.3670. The downtrend will be able to resume from those levels in a form of descending wave “c” having the downside target set at support level 1.2220 (the next support will be found at level 1.1780).
Yearly forecast, 2010 – 2011.
The pair dropped below level 1.2700, where the neckline of a “head and shoulders” trend-turning figure resided. That caused the downside momentum to grow stronger. The drop target is currently seen around 0.9890 – 1.0200. Current downtrend is in effect until the pair rises above 1.3100. Intermediate resistances are currently seen at levels 1.1655 and 1.000.
The figure will be cancelled and an uptrend will be started in case the pair rises above 1.3100. Then the upside target will be set at resistance level 1.4630.
The figure will be cancelled and an uptrend will be started in case the pair rises above 1.3100. Then the upside target will be set at resistance level 1.4630.
