Date: 17.10.2012 Time: 17:45 Rate: 1.6158
4 Hour chart
The price has breached the 1.6100 price level and corrected 61.8% of the last downtrend (red broken line), and in addition reached the upper lip of the ascending price channel (blue broken lines). The price is moving now in an ascending price structure and the continuation of the mentioned uptrend is suppose to bring it in first stage to the closest resistance on the 1.6163 price level. On the other hand, stoppage of the price at the current area will probably lead the price to the lower lip of the ascending price channel.
Current review for today
The price has reached exactly the level that was given on yesterday’s review, the 1.6163 price level, stopped a little and descended to check the upper lip of the ascending price channel that is suppose to turn from a dynamic resistance to a support. Proven breaking of the 1.6163 price level will probably lead the price to climb to the closest resistance on the 1.6273 price level. On the other hand, stoppage of the price at the current area and another entrance inside the tunnel will probably lead the price to the lower lip of the tunnel at first stage while performing a technical correction in size of between a third and two thirds of the uptrend started on the 1.6000 price level.
You can see the chart below: