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EUR-USD
Date: 26/02/2013 Time: 19:46 Price: 1.3047
Strategy: Short
Graph 4 hours
Quote previous review:
The pair makes a great move toward its target of a graphic format called “head and shoulders” (look at brown background), the level of 1.3000. You can see a breaking of the neck of this template (purple dotted line), and it going down to the support level, an accurate testing of 1.3166, also an increase of the bottom line of the neck, all of these in order to see whether it can switch roles from a support to resistance level and a make a sharp decline, while creating a new low structure of the falling prices of the last downtrend movement which began at the level of 1.3711. As long as the price structure does not changes, any move in an upwards direction, will signal us about a technical correction during the future declines.
Current Review today:
During the last trading day, the buyers tried to make a little lift of their positions,while they lean on a support level of 1.3039, but so far, their efforts have not been successful. We can see that any of these attempts to make the priceincrease, has left a long tail after it. On the other hand,no candle hasn’t yet closed below the support level and are still holding on for now. The high ofthis will initially target the graphic formation of “head and shoulders”price structure, the level of 1.3000. As long as the falling price structure does not changes, any move upwardsis going to be only a technical correction during the declines ahead.
You can see the graph here:
GBP-USD
Date: 26/02/2013 Time: 23:03 Price: 1.5128
Strategy: Short / Long
Graph 4 hours
Quote previous review:
A descending price structure indicates us about a continues downwards movement, while you can see the moving average of the Bollinger bands which protects the sellers from many attempts of the buyers to change the direction and a failure of the last to close a candle above it. On the other hand, the price stays, for the second time, over the lip of the parallel descending channel (fragmented red lines) and a creation of an increasing price structure, during it basing above the moving average of the Bollinger bands, might send the price to a deep technical correction of the downtrend which has started at the level of 1.5828, between one third and two thirds of it by the Fibonacci bar.
Current Review today:
Price continues to be supported by the 1.5070 level, but again reaching the moving average of the Bollinger bands, stopped and now it makes its way to the last mentionedlow level. The high point of this downtrend is going to be continued, while preserving the structure of fallingprices. However, blocking the price above the level of 1.5070 and breaking the last record level of 1.5219, might create an initial price rising structure which is likely to move upwards thento correct the downtrend which has began at the level of 1.5828, between one third and two thirds of it by the Fibonacci bar.
You can see the graph here:
