EUR/USD daily forecast ahead of the G20 meeting/MBCFX/02/13/2013

EUR/USD Technical Analysis: by using the Stochastic indicator, the Head and Shoulders pattern


 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 trading.

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.

We recommend our dear traders to follow us on Facebook and Twitter, in order to receive the latest  economic and fundamental news of the market.

MBCFX Forex & CFDs Brokerage Firm