Tracking the EUR/USD Pair : 29.02.2012

[RLFX]

Date: 28.02.2012 Time: 21:52 Rate: 1.3466

Daily chart

Yesterday’s review

There was no significant change since the last weekend. The price is still located under the 1.3436 resistance level, there was a small attempt to check it but it still holds. Together with it we can see that the price is holding its position around the peak area, the Bollinger bands are wide open and it is possible to assume that breaking the 1.3436 price level will lead the price to a continuation of the uptrend with a first target on the 1.3627 price level which is a 61.8% Fibonacci correction level of the last downtrend (red broken line).

Current review for today

The Daily candle did not close yet while writing hose lines, but it is possible to see that the price is very close to the 1.3484 price level, the upper Bollinger band is open and it is possible to assume that in case the 1.3436 price level will break in a proven way, the price will continue the uptrend towards the 1.3627 price level, which is a 61.8% Fibonacci correction level of the last downtrend (red broken line).

You can see the chart below:



EUR-USD

Date: 28.02.2012 Time: 22:03 Rate: 1.3456

4 Hour Chart

Yesterday’s review

It is possible to see that the price has created an uptrend starting from the 1.2970 price level and did not correct it even once. A stop of the price on the 1.3486 price level creates the possibility for a downtrend from this level in size of between a third and two thirds of the mentioned trend, meaning between the 1.3290 and the 1.3170 price levels. On the other hand, breaking the 1.3486 price level will indicate that the price will continue its way north towards the target given in the daily chart review.

Current review for today

The price is still located under the 1.3486 peak level, but it is possible to see that none of the candles closed under the Bollinger’s moving average since the correction to the 1.3366 price level, so the probability of breaching the 1.3486 price level is higher than the descend of the price. This kind of breaking will indicate that the price will continue its way towards the 1.3600 area, which is the target of the “One in, one out” pattern (blue broken lines). On the other hand, a stoppage at this area and its establishment under the Bollinger’s moving average will indicate that it is possible to see a correction move of the uptrend (red broken line) in size of between a third and two thirds, meaning between the 1.3290 and the 1.3170 price levels.



Important announcements for today:

08.00 (GMT+0) CHF – KOF Economic Barometer
13.30 (GMT+0) USD – Prelim GDP (Quarterly)
15.00 (GMT+0) USD – Fed Chairman Bernanke Testifies

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