Date: 16.10.2012 Time: 21:23 Rate: 0.9260
4 Hour chart
The price is ranging between the 0.9300 and the 0.9438 price levels while breaking of the 0.9438 price level in a proven way will probably lead the price to pass the 0.9513 price level, which is a 38.2% Fibonacci correction level of the downtrend marked with red broken line. On the other hand, breaking the 0.9300 price level will probably lead the price to descend at first stage towards the last low on the 0.9250 price level.
Current review for today
The price did break the 0.9300 lower ranging level and it looks like it is making its way towards the last low on the 0.9240 price level. Breaking this level in a proven way will lead the price towards the last low on the 0.9042 price level (it is possible to see it on the Daily chart as well). On the other hand, stoppage of the price at the current area and creation of an ascending price structure will probably create a technical pattern which called “Double bottom” which will bring a move upwards that will perform a correction of the downtrend marked with red broken line.
You can see the chart below: