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Old 03-07-2012, 09:10
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FXGLORY FXGLORY is offline
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Join Date: Jun 2012
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Default Re: Technical Analysis By FxGlory

EUR/USD ascending or descending

As we mentioned about the possibility of ascend of the price in our previous technical analysis on 06.27.2012, you can notice that the price has ascended. In a long term period and range we expected ascending and increasing of the price by considering the monthly and weekly time frame. In the monthly time frame the price returned to the higher areas of the chart by touching a supporting line which belongs to 2008. Because this supporting line was successful in increasing the price in 2010, thus, there is the possibility of a successful ascending from this supportive line again.

In the weekly time frame, the price is located in the blue line of supporting line which was formed from the bottom price. Generally, the price is going to reach to the red supportive line and also the Stoch indicator is in the ascending cycle and therefore we can expect ascend of the price.

Right now, the price has fallen from the 1.26915 top price (due to the strong and quick ascend, the falling was predictable). Now, the price is between the supportive and resistance lines, as you can see in the below picture, in the 1h timeframe. To continue its ascend; the price should break the red resistance line. Until when the green supportive area is untouched and safe, we can expect ascend of the price and reaching the 1.26915 top price in the first phase.
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Technical Analysis By FxGlory-eurusd-2012.07.03.jpg  
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