Daily Market Review 16.03.2011

EUR-USD

It can be seen that the last candle stick supported on the level of 1.3860, however, produces Japanese pattern, which signifies the end of an uptrend. Due to this we believe that the break out of the price level of 1.4036 will bring to the level of 1.43. On the other hand, the break down of the level 1.3860 will most likely bring down the price to the level of 1.34.

As can be seen by the graph bellow:

Potential Trade

Two possibilities:

1. The break out of the price at the level of 1.4040, you can move to the hourly time frame and to look for the upward price structure and to enter the long position. First target: 1.4107. Second target: 1.4150.

2. The break down of the price at the level of 1.3856, you can move to the hourly time frame, to search for downward price structure and to enter the short position. Target 1.3750.

As can be seen by the graph bellow:


GBP-USD

The price did not fix a third of the course of the increase (broken blue line). The price break down of the level 1.5960, will most likely in the first stage go down to repair 50% Fibonacci- level of-1.5850.

As can be seen by the graph bellow:

Possible Trade

The price stopped at the resistance level of 1.6085, you can search in the hourly time frame for the downward price structure and to enter the short position. Target: 1.5980.

As can be seen by the graph bellow:

 

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Real-Forex team

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