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EUR/USD forecast – 18.10.2012

Daily Forex Reports | by real-forex.com | Thursday, 18 October 2012 12:40 UTC

Date: 17.10.2012   Time: 17:25  Rate: 1. 3130

Daily chart

Last Review

Eur/USD forecast: The price is very close to the 1.3070 price level, breaching this level will create an ascending price structure which will probably lead the price towards the last peak on the 1.3172 price level. On the other hand, only descending of the price under the 1.2824 price level is suppose to lead the price towards the 1.2750 price level which is a significant level since it is a 61.8% correction level of the last uptrend which started on the 1.2500 price level (blue broken line) and in addition it is a 38.2% Fibonacci correction of the uptrend started on the 1.2040 price level (black broken line) and a significant support level.

Current review for today
Eur/USD forecast - Indeed breaching the 1.3070 price level is pushing the price north towards the last peak on the 1.3172 price level. Breaching the 1.3172 price level in a proven way will continue the uptrend towards the first target of the price on the 1.3280 resistance. On the other hand, stoppage of the price under the 1.3172 price level will probably lead the price at first stage to a correction in size of between a third and two thirds of the uptrend started from the 1.2824 price level.

You can see the chart below:

 EUR/USD forecast – 18.10.2012 EUR/USD forecast – 18.10.2012

Date: 17.10.2012   Time: 17:37  Rate: 1.3126

4 Hour chart

Last Review

As it was written on yesterday’s review, breaching the 1.3000 price level brought it to the 1.3050 resistance level, while it is touching the upper lip of the ascending price channel in which it is moving (blue broken lines). Proven breaking of this level will lead the price in first stage towards the next resistance on the 1.3084 price level. On the other hand, stoppage of the price at the current area will probably lead the price to check the lower lip of the tunnel.

Current review for today

The price has reached the 1.3084 target level, breached it, went back to check if it can switch positions from a resistance to support (fourth candle from the left) and currently looks closer than ever to the last peak on the 1.3170 price level. Breaching of this level will probably lead the price towards the target on the daily chart review, the 1.3280 price level. On the other hand, stoppage of the price around the last peak area and creating a descending price structure will lead the price at first stage to a correction in size of between a third and two thirds of the last uptrend which started on the 1.2900 price level.

You can see the chart below:

2 EUR/USD forecast – 18.10.2012

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