Forex Daily review- 15.08.2012

The price has stopped on the 1.2290 price level after the short descending move which started on the 1.2436 price level, breaching this level will probably lead the price towards the closest resistance on the 1.2692 price level. On the other hand, descending of the price and closure of a candle under the Bollinger’s moving average will start a bearish movement while its first target is the lower Bollinger band.

The price is currently located at the same place where it started the current trading day while leaving a long shadow behind (a failing attempt of the buyers to set a direction). The descending of the price and the closure of the candle under the Bollinger’s moving average will probably lead the price to the lower Bollinger band. On the other hand, breaching of the 1.2436 price level will probably lead the price towards the closest resistance on the 1.2692 price level.

The price has corrected the last uptrend (blue broken line), to the 1.2250 price level which is a 61.8% Fibonacci correction level, it stopped on this level and started a new move upwards. Breaking of the last peak on the 1.2444 price level will probably lead the price north while its first target is the crossing of the price with the trend line that is connecting the last lows (points 1, 3, 5), On the other hand, stoppage of the price in the current area and its descending under the 1.2250 price level and it is possible that it will continue downwards while its first target is the 1.2134 last low.

The price is located now in the middle of the range of the Bollinger bands while it is located above its moving average (Bullish market). Breaching of the 1.2367 price level in a proven way will probably lead the price to check the 1.2444 price level again. On the other hand, stoppage of the price at the current area and its descending under the 1.2250 price level, will probably continue the downtrend while its first target is the last low on the 1.2134 price level

The price is ranging while performing sharp movements between the 1.5577 and the 1.5720 price levels, while proven breaking of the 1.5720 will probably lead the price towards the last peak on the 1.5777 price level. On the other hand, stoppage of the price at the current area and its descending under the Bollinger’s moving average will probably lead the price to check the 1.5577 support level.

Another try to breach the 1.5720 price level did not succeed and at the moment the price is getting back down a little. Stoppage of the price above the Bollinger’s moving average and breaching of the 1.5720 price level will probably lead the price to the last peak on the 1.5777 price level. On the other hand, its descending under the Bollinger’s moving average will probably lead the price to check the lower lip of the Bollinger band again.

The buyers are showing weakness signs while the price did not succeed to breach the upper lip of the tunnel, proven breaking of the 1.0500 price level will create, for the first time, a descending price structure and will sign the falling of the price towards the closest support on the 1.0444 price level, breaking of this level will lead the price to the lower lip of the tunnel.

The price has broken the 1.0500 price level and we can see that a descending price structure was created. It is possible to assume that its closest target will be the 1.0444 support level, while breaking it will probably lead the price towards the lower lip of the ascending price channel (black broken lines).

The price has corrected the last downtrend (red broken line) to the 0.9810 price level, this is a 61.8% Fibonacci correction level, while breaching this level will probably lead the price north towards the closest resistance on the 0.9866 price level. On the other hand, breaking of the 0.9650 price level will probably lead the price to the closest support on the 0.9564 price level.

The price is standing in front of the 0.9750 resistance level while its breaking will probably lead the price to check the 0.9810 price level again. On the other hand, stoppage of the price at the current area and breaking of the 0.9700 price level will indicate that the price will go down to check the 0.9650 price level, which is a 61.8% Fibonacci correction level of the uptrend marked in blue broken line.

The price continues to range between the 77.46 and the 78.70 price levels, while breaking of the 77.94 price level will continue the downtrend towards the last low on the 77.66 price level. Stoppage of the price at the current area and breaching of the 78.70 price level, will probably lead to an ascending move with first target on the 79.20 resistance level.

The price has breached the 78.70 resistance level and it looks like it is going back to check if it can be used as a support. If the price will stop at the current area and go back to the 78.93 price level and above it, it is possible to assume that in first stage it will check if the 79.20 resistance level.

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