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EUR/USD daily forecast ahead of the G20 meeting/MBCFX/02/13/2013
Technical Analysis: by using the Stochastic indicator, the Head and Shoulders
The EUR/USD exit from
the correction step that we have mentioned on Monday, and as we notice on the
daily chart, now it is trading within an ascending channel, and the prices are
going to form the second shoulder of the Head and Shoulders pattern.
Today we expect that
the Euro will recover a little before the G20 finance ministers and central
bankers meeting in Moscow this weekend, and this rise is confirmed by the
Stochastic indicator which gives us an upward signals on the short term
So we expect that the
EUR/USD will rise to reach the 1.35-091.3530 area, which would represent good
opportunities to sell, as we wait a decline of the prices towards the bottom
levels of the ascending channel at the 1.3404 and 1.3345 levels, and if it
breaches down this level, the next target would be towards the next support
level of $1.33.
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