EUR/USD Weekly forecast technical analysis/ MBCFX/05/06/2013

EUR/USD Weekly forecast technical analysis/ MBCFX/05/06/2013

The Euro tried to rise against the US Dollar during the last week towards the 1.3241 level; however it closed lower at $1.3115, and below the Kijun Sen level on the weekly chart.

 And this indicates that the EUR/USD prices are going to form the Head and Shoulders pattern, as we expect it will reach the 1.2972-1.2940 area at the average and weekly term trading.

Concerning the daily term trading we expect that the Euro will retreat to the 1.3085-1.3070 area which would represent good opportunities to buy on the short term, and  it will push the prices high towards the resistance area 1.3200/1.3240 .

As we expect that the general trend of today will be bullish.
We also notice on the daily chart that the Shooting Star that give us downward signals on the short term.

Also almost of the technical indicators give us downward signals on the 1 hour term, but upward signals on the 4 hours and daily term trading.

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