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Tracking the EUR/USD Pair : 21.02.2012

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Old 21-02-2012, 10:41
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Default Tracking the EUR/USD Pair : 21.02.2012

EUR-USD

Daily chart

A quote from the last weekly review


It is possible to see that the range of the price lately does not allow analysis for a long period of time. As it was written on the previous review the price did descend to the 1.3077 price level and even touched the lower Bollinger band, but that’s it, the sellers could not do more than that by continuing the move downwards and the price went back to the middle of the range. The Bollinger bands are getting closer one to the other and the price range is getting smaller.

Current review for today

The price has opened the current week with a significant gap that shows the power of the buyers. It is possible to see that the price is located above the Bollinger’s Moving average and it is possible to assume that breaking the 1.3321 price level will open the bands and give the price more range and volatility while the price will make its way towards the 1.3627 price level which is a 50% Fibonacci correction of the last downtrend (red broken line). On the other hand, in case the price will go back under the 1.3245 price level, it will lead it back to the current ranging area.

4 Hour chart

Date: 20.02.2012 Time: 18:38 Rate: 1.3250

A quote from the 16.02.2012 Review


The price continued its way downwards while keeping the descending price structure and it is very close to the first target level which were given in yesterday’s review, the 1.3050 price level, this level used as the lower level of the ranging pattern (thick black lines) and also a very significant support level that its breaking will sign clearly on the expected target of the price, the first target is the 1.2970 price level, which is a 50% Fibonacci correction level of the last uptrend (brown broken line). On the other hand, stoppage of the price at the current level and the ranging period between the 1.3050 and the 1.3220 price levels will continue.

Current review for today

The price has broken the 1.3050 support level and continued its way to the 1.2970 target level which was given on our last review, it stopped there and changed direction to break the upper level. As it was written in the daily chart review, it is possible to assume that breaking the 1.3321 price level will approve its way up towards the first target at the 1.3400 price level. A fall of the price under the 1.3220 price level will bring it back to the ranging area.

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