Tracking the EUR/USD pair : 28.03.2012

[RLFX]

Date: 27.03.2012 Time: 21:16 Rate: 1.3318

Daily chart

Last Review

From the options given on the last review the price has chosen the second by trying to breach the 1.3321 price level (trying – because the candle did not close yet). This breaking will lead the price to base above the ascending trend line between the lows (blue broken line), it is possible to assume that in first stage the price will check the last peak on the 1.3484 price level. On the other hand, if the price will stop under the mentioned trend line, it is possible to assume that the price will continue in its ranging between the 1.2975 and the 1.3484 price levels.

Current review for today

The marked section from yesterday’s review describes exactly the current situation. The price indeed breached the 1.3321 price level but stopped at the ascending trend line (blue broken line) and in addition on the upper Bollinger band. As it was said yesterday, only an establishment of the price above the mentioned trend line, will lead the price to a continuation of the current uptrend with first target on the 1.3484 price level, last peak level. On the other hand, a brake of the price in the current level will probably lead the price to a correction move in size of between a third and two thirds by Fibonacci retracement of the last uptrend which started from the 1.3000 price level.

You can see the chart below:



4 Hour chart

Date: 27.03.2012 Time: 23:34 Rate: 1.3319

Last Review

The price reached the 1.3320 target which created a “One in, one out” pattern (vertical blue broken lines) and the target of this pattern is in the 1.3400 area. A stoppage of the price at this level will indicate that the price will perform a correction in size of between a third and two thirds by Fibonacci retracement of the last uptrend which started at the 1.3192 price level. On the other hand, breaking the 1.3400 price level will lead the price towards the last peak on the 1.3486 price level.

Current review for today

The price reached to a distance of 9 pips from the “one in, one out” pattern target, while creating a candle that leaves a long shadow that shows strong pressure from the sellers for a change in the direction. It is possible that now we will see a technical correction of the last uptrend (blue broken line) in size of between a third and two thirds, meaning between the 1.3239 and the 1.3150 price levels. only breaching the 1.4000 price level will show that the correction is over and the uptrend continues.

You can see the chart below:



GBP-USD

Date: 27.03.2012 Time: 23:49 Rate: 1.5950

4 Hour chart

Last Review

After the price has checked the 1.5807 price level again, this is a 38.2% correction level of the uptrend shown with blue broken line, the price has breached the 1.5930 price level and it is possible that it is on its way towards the 1.6000 peak level, breaching this level will probably send the price to reach the “One in, one out” pattern target on the 1.6015 price level and the target of the range on the 1.6200 price level in second.

Current review for today

The price has stopped on the 1.5994 price level and left a long shadow on this resistance. Now we can expect a technical correction in size of between a third and two thirds of the last uptrend which started on the 1.5870 price level. On the other hand, breaking the 1.6015 price level will continue the uptrend towards the “One in, one out” pattern target on the 1.6200 price level.

You can see the chart below:



Important announcements for today:

08.30 (GMT+0) GBP – Final GDP (Quarter)
12.30 (GMT+0) USD – Core Durable Goods Orders (Monthly)

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