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Tracking the EUR/USD pair : 11.04.2012
Date: 10.04.2012 Time: 20:55 Rate: 1.3083
Daily chart Last Review The price did reach the lower Bollinger band and stopped at the area. At the moment the Bollinger bands are horizontal, that makes the definition of the direction much harder. A proven breaking of the 1.3000 price level will indicate that the price will probably descend to the last low at the 1.2625 price level which is also the “One in, one out” pattern target (red broken lines). On the other hand, we can see a stoppage at the current area and a correction in size of between a third and two thirds by Fibonacci of the last downtrend which started at the 1.3380 price level. Current review for today Nothing changed much since the last review. The price is located at the 1.3000 area which is used for now as a possible support. A proven breaking of this level and we can expect the price to make its way towards the last low at the 1.2625 price level which is also the “One in, one out” pattern target (red broken lines). On the other hand, it is possible that breaking at the current area and a correction of the downtrend that began on the 1.3380 price level in size of between a third and two thirds by Fibonacci retracement. You can see the chart below: 4 Hour chart Date: 10.04.2012 Time: 21:05 Rate: 1.3080 Last Review As it was written of our last review, the price reached exactly to the “Wolfe waves” pattern target (cross of the price with the line connecting points 1 and 4) and stopped at this area while creating a pattern called “Double bottom” on the 1.3035 price level, the neckline of this pattern is on the 1.3112 price level. Breaking of the neckline in a proven way will probably lead the price to a correction in size of between a third and two thirds of the last downtrend (red broken line). After that the price can get back to the downtrend in case it will stop between the mentioned levels, meaning the 1.3160 and the 1.3240 price levels. Current review for today The price has breached the “Double Bottom” neckline but the buyers strength was not strong enough to pick it up to the 1.3160 price level, a correction in size of a third by Fibonacci of the last downtrend (red broken line). The price went back to the ranging area between the 1.3035 and the 1.3112 price levels. it is possible to assume that another breaking of the 1.3112 price level will show that the price will perform the mentioned correction. On the other hand, proven breaking of the 1.3000 price level will continue the downtrend. You can see the chart below: GBP-USD Date: 10.04.2012 Time: 21:12 Rate: 1.5873 4 Hour chart Last Review The price is ranging now between the 1.5833 and the 1.5908 price levels, breaking the peak ranging level in a proven way will indicate that it is possible that the price will be headed towards the 1.5983 price level, the pattern target. On the other hand, stoppage of the price and its movement back under the 1.5833 price level will lead it to the “Wolfe waves” pattern target (crossing of the price with the line connecting points 1 and 4). Current review for today The price is moving back and forth while its balance is the middle of the range area between the 1.833 and the 1.5908 price levels. Breaking the upper ranging level in a proven way will indicate that the price is headed to the 1.5983 price level, the ranging pattern target. On the other hand, a stoppage at this area and its return back under the 1.5833 price level will lead the price to the “Wolfe waves” pattern target (crossing of the price with the line connecting between points 1 and 4) You can see the chart below: Important announcements for today: No important announcements today By: Real Forex – a True ECN Broker Trade Forex with confidence |
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