Tracking the EUR/USD Pair : 14.02.2012

[RLFX]

EUR-USD

Date: 13.02.2012 Time: 20:39 Rate: 1.3195

Daily chart

A quote from Yesterday’s review

The price has breached the 1.3241 price level but was thrown back after touching the Bollinger’s moving average that is heading sharply downwards and does not let the price to continue the uptrend. The price is located at the moment under the 1.3241 Fibonacci correction level and from this point we have the following options: breaking the peak of the last candle will indicate the possibility to check the 1.3433 price level which is a 50% Fibonacci correction level of the downtrend shown by red broken line. On the other hand, a brake in the current area and another check of the low of the last candle, breaking that will probably lead the price towards the closest support level at the 1.2910.

Current review for today

It is possible to see that the price has opened the trading week exactly on the 1.3210 price level which is a 38.2% correction level by Fibonacci retracement of the downtrend marked by red broken line. The price tried to pull itself upwards but eventually the buyers gave up to the power of the sellers and at this moment the price has closed the gap that was created with the beginning of the week. Now the price is still located around the peak area of the uptrend and the Bollinger’s moving average gives it a strong support. It is possible to assume that the price will stay above it and in case the price will continue to descend, its first brake will occur on the 1.3077 support level. On the other hand, new momentum to the buyers will probably send the price to check the last peak on the 1.3321 price level.

4 Hour chart

Last week review

It seems like the price cannot stay above the 1.3220 price level and after opening the last trading week with a gap above this level it stopped by the last resistance on the 1.3287 price level and went all the way back to close the gap. In case the price will continue its way downwards it will reach the last ranging level on 1.3050. in case the price will breach the 1.3287 price level it will be possible to reach the target of range at the 1.3400 price level.

Important announcements for today:

09.30 (GMT+0) GBP – CPI (Yearly)
10.00 (GMT+0) EUR – German ZEW Economic Sentiment
13.30 (GMT+0) USD – Core Retail Sales (Monthly)
13.30 (GMT+0) USD – Business Inventories (Monthly)
21.45 (GMT+0) NZD – Core Retail Sales (Monthly)

By: Real-Forex a true ECN broker
Home of the Forex Elite