Tracking the EUR/USD Pair : 15.02.2012

[RLFX]

Date: 14.02.2012 Time: 17:18 Rate: 1.3139

Daily chart

A quote from Yesterday’s review

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.

Current review for today

During the last trading day the price checked if the 1.3210 price can be used as a resistance level and left a long shadow upwards. At this moment the price is very close to the moving average of the Bollinger bands and it is possible to see that its angle pointing upwards and it seems like it is preventing from the price the move downwards. In any case the 1.3077 price level is used as a significant support level and a proven break of this will probably send the price to check the lower Bollinger band while the both bands are getting closer to each other and reducing the volatility of the pair in the short term.

4 Hour chart

A quote from Yesterday’s 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.

Current review for today

We can clearly see the descending price structure (highs and lows arranged in a descending price structure) which was started around the 1.3300 price level, it is possible to assume that breaking the last low on the 1.3128 price level will continue this trend while the 1.3050 support level is the target of the price.

Important announcements for today:

09.30 (GMT+0) GBP – Claimant Count Change
10.30 (GMT+0) GBP – BOE Inflation Report
10.30 (GMT+0) GBP – BOE Gov King Speaks
19.00 (GMT+0) USD – FOMC Meeting Minutes

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