Daily Forex Markets Analysis (12/12/2012)

Most of the currency pairs today which are experiencing corrections have moved way to  far ,opposite to their trends. We have seen the EURO gain. Therefore we may see reversal in trends in pairs such as the EURUSD or USDCHF or may be good opportunities to BUY or SELL.  Be cautious today prior to making trades as most pairs are in key resistance/support levels.

 EURGBP (4-HOUR) SELL

Both trend indicators and chart pattern are pointing down.  The chart and the wave indicators show that we are under a correctional up wave that is in overbought region. Hence given the British Pound strength we may start seeing the pair move to the downside again.

Read about the Trend/Wave/Extreme system here.

The following is an analysis of the currency markets using the Trend/Wave/Extreme system under a 4-hour period. You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.