Analysis for January 18th, 2013


The EUR/USD currency pair continues forming another ascending structure. I think today the price may form a consolidation channel to break the level of 1.3400. The target of this wave is at 1.3500. Later, in my opinion, the pair may start forming a reversal pattern for a new correction towards the level of 1.3080.


The GBP/USD currency pair hasn’t been able to form a pivot point yet. Today, in my opinion, the price may fall down and reach new minimums. I should note that this descending wave became weaker. Later, I think, the pair may start making a reverse upwards to reach the target at 1.6400.