EURUSD forecast
3 June 2010
Today chart
Forecast of the week, 05/31 – 06/04.
The pair is trading along sideways trend under the neckline of the “head and shoulders” figure at monthly graph (blue trendline, level 1.2700), for that the market’s general sentiment is still downside. The pair will leave sideways trend no sooner than it breaks the corridor between levels 1.2430 and 1.2115.
If the market breaks under level 1.2115, a downtrend will start to develop with the drop target seen at level 1.1865. If it will move on below that level, support 1.1655 will be reached.
Otherwise, if the market rises above 1.2430, an uptrend will start to develop with the upside target seen at resistance levels 1.2573 and 1.2700 (key resistance).
Forecast monthly, June.
The pair is trading under level 1.2700, the neckline of the “head and shoulders” figure at monthly graph. As long as trading goes on below that level, the market’s general sentiment remains bearish. For this reason the pair is moving along the downtrend with the drop target seen at support level 1.1865, and next at 1.1655. If it will go even lower than the second support, it will get to level 1.1000.
Downtrend will change to uptrend in case the pair rises above level 1.2780. The pair will then get to level 1.3050. If it keeps on rising above that level, the upside momentum will grow stronger and the next upside target will be set at resistance level 1.3750.
Forecast of the week, 05/31 – 06/04.
The pair is trading along sideways trend under the neckline of the “head and shoulders” figure at monthly graph (blue trendline, level 1.2700), for that the market’s general sentiment is still downside. The pair will leave sideways trend no sooner than it breaks the corridor between levels 1.2430 and 1.2115.
If the market breaks under level 1.2115, a downtrend will start to develop with the drop target seen at level 1.1865. If it will move on below that level, support 1.1655 will be reached.
Otherwise, if the market rises above 1.2430, an uptrend will start to develop with the upside target seen at resistance levels 1.2573 and 1.2700 (key resistance).
Forecast monthly, June.
The pair is trading under level 1.2700, the neckline of the “head and shoulders” figure at monthly graph. As long as trading goes on below that level, the market’s general sentiment remains bearish. For this reason the pair is moving along the downtrend with the drop target seen at support level 1.1865, and next at 1.1655. If it will go even lower than the second support, it will get to level 1.1000.
Downtrend will change to uptrend in case the pair rises above level 1.2780. The pair will then get to level 1.3050. If it keeps on rising above that level, the upside momentum will grow stronger and the next upside target will be set at resistance level 1.3750.
Quarterly forecast, May – July
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 at level 1.1655. If the market goes below that level, it will reach level 1.000.
An uptrend may be started upon the pair’s rising above level 1.3100. Then the market will go up to resistance level 1.4630 (“Q” trendline).
An uptrend may be started upon the pair’s rising above level 1.3100. Then the market will go up to resistance level 1.4630 (“Q” trendline).
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.
