Date: 24.10.2012 Time: 18:00 Rate: 1. 2954
Daily chart
Last Review
EUR/USD forecast – The price has corrected the last uptrend which started on the 1.2824 price level, while it is currently supported by the descending trend line between the peaks and used as a dynamic support (red broken line). Breaching the 1.3172 price level will probably lead the price north towards the next resistance on the 1.3280 price level. On the other hand, entrance of the price under the descending trend line and Bollinger’s moving average will probably lead the price to check the 1.2824 area again.
Current review for today
EUR/USD TECHNICAL ANALYSIS – While writing those lines, the price is still struggling on the area of the descending trend line between the peaks (red broken line) while closure of the candle under it and breaking the 1.2916 price level will probably lead the price to check the 1.2824 support level. On the other hand, its establishment above the descending trend line will probably lead the price towards the last peak on the 1.3172 price level.
You can see the chart below:
EUR/USD forecast 25.10.2012
Date: 24.10.2012 Time: 18:14 Rate: 1.2950
4 Hour chart
Last Review
EUR/USD forecast – The price has descended to check the 1.3019 Fibonacci level, which is a 38.2% correction level of the uptrend locked in the ascending price channel (blue broken lines) and marked with black broken line. Breaching of the 1.3084 resistance level will probably lead the price towards the last peak on the 1.3170 price level. On the other hand, breaking of the 1.3019 price level will probably lead the price towards the next Fibonacci on the 1.2982 price level and breaking this level will indicate that the price is headed towards the next Fibonacci on the 1.2945 price level.
Current review for today
EUR/USD TECHNICAL ANALYSIS – The price has reached the 1.2945 target which is a 61.8% Fibonacci correction of the uptrend locked in the ascending price channel (blue broken lines) while it stopped on the ascending trend line between the lows (black broken line). Stoppage of the price at the current area will probably lead the price to a correction in size of between a third and two thirds of the last down trend which started on the 1.3084 price level. On the other hand, breaking of the trend line and the 1.2916 Fibonacci level will probably lead the price towards the next Fibonacci correction on the 1.2837 price level, which is a 50% correction of the uptrend marked in blue broken line and in addition used as a significant support level.
You can see the chart below:
