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Tracking the EUR/USD pair
Date: 04.09.2012 Time: 22:15 Rate: 1.2566
Daily chart
Last Review
It is possible to see that the price has corrected all the last downtrend (blue broken line), by 38.2% by Fibonacci to the 1.2594 price level, while the red broken line is the upper lip of the descending price channel shown in the weekly chart and used as a dynamic resistance. In addition it is possible to see that the current ascending move which started on the 1.2067 price level is moving in a shrinking ascending tunnel with a target of breaking of the lower lip while performing a technical correction of the ascending move in it. All those are signs for a possibility of a stoppage of the current uptrend in case a descending price structure will build and a reverse of the direction of the price towards the last low on the 1.2067 price level. On the other hand, it is possible to see that at the moment the price is located under an ascending price structure and as long as is will continue this way its targets will be the 1.692, 1.2750, 1.2824 price levels.
Date: 04.09.2012 Time: 22:15 Rate: 1.2566
Daily chart
Last Review
It is possible to see that the price has corrected all the last downtrend (blue broken line), by 38.2% by Fibonacci to the 1.2594 price level, while the red broken line is the upper lip of the descending price channel shown in the weekly chart and used as a dynamic resistance. In addition it is possible to see that the current ascending move which started on the 1.2067 price level is moving in a shrinking ascending tunnel with a target of breaking of the lower lip while performing a technical correction of the ascending move in it. All those are signs for a possibility of a stoppage of the current uptrend in case a descending price structure will build and a reverse of the direction of the price towards the last low on the 1.2067 price level. On the other hand, it is possible to see that at the moment the price is located under an ascending price structure and as long as is will continue this way its targets will be the 1.692, 1.2750, 1.2824 price levels.
Current review for today
At the moment the price is located under the 1.2594 price level, this is a 38.2% Fibonacci correction level of the downtrend marked in blue broken line, while the price went north to the crossing of the upper lip of the shrinking price channel (upper black broken line) with the descending trend line (red broken line) between the peaks (part of the descending trend line which can be seen in the weekly chart). In addition the price is moving in a shrinking ascending tunnel and its target is to lead the price downwards after breaking the lower lip of the tunnel. Breaking of the 1.2436 price level will probably lead the price towards the closest support on the 1.2290 price level. On the other hand, breaching of the crossing between the trend lines (black and red broken lines) and its establishment above them will lead the price towards the 1.2750 price level.
You can see the chart below:
EUR/USD forex news
Date: 04.09.2012 Time: 22:23 Rate: 1.2566
4 Hour chart
Last Review
The price is ranging now between the 1.2480 and the 1.2590 price levels, while breaking the upper lip of the range and the establishment of the price above it will probably lead the price to the target of the depth thrown upwards, meaning the 1.2690 price level. On the other hand, breaking the lower lip of the range on the 1.2480 will lead the price towards the 1.2367 support level.
Current review for today
The price has breached the 1.2590 price level but could not breach the last peak on the 1.2638 price level and at the moment it is again located inside the range. Breaching the upper ranging level and the establishment of the price above it will probably lead the price towards the depth of the range and it’s throwing upwards, meaning to the 1.2690 price level. On the other hand, breaking of the lower ranging level will probably lead the price towards the 1.2367 support level.
You can see the chart below:
GBP/USD forex news
Date: 04.09.2012 Time: 22:28 Rate: 1.5873
4 Hour chart
Last Review
It is possible to see that the price is moving in an ascending price channel (black broken lines), breaking of the 1.5900 price level is suppose to bring it in first stage to the 1.5942 price level (the “One in, one out” pattern target) followed by a move towards the upper lip of the tunnel. On the other hand, stoppage of the price at the current area (up to the last peak on the 1.5913 price level) and breaking the lower lip of the ascending price channel will probably lead the price towards the 1.5750 price level at first stage.
Date: 04.09.2012 Time: 22:28 Rate: 1.5873
4 Hour chart
Last Review
It is possible to see that the price is moving in an ascending price channel (black broken lines), breaking of the 1.5900 price level is suppose to bring it in first stage to the 1.5942 price level (the “One in, one out” pattern target) followed by a move towards the upper lip of the tunnel. On the other hand, stoppage of the price at the current area (up to the last peak on the 1.5913 price level) and breaking the lower lip of the ascending price channel will probably lead the price towards the 1.5750 price level at first stage.
Current review for today
Indeed the price could not breach the last peak on the 1.5913 price level, retraced and went back to the middle of the range while it is still located above the Bollinger’s moving average which is used as a dynamic support. Breaching the 1.5900 price level should lead the price to the 1.5942 at first stage (the “One in, one out” pattern target) followed by a move towards the upper lip of the tunnel. On the other hand, stoppage of the price at the current area (up to the last peak on the 1.5913 price level) and breaking the lower lip of the ascending price channel will indicate that the price will descend to check the 1.5750 price level at first stage.
You can see the chart below:
Important announcements for today:
08.15 (GMT+1) CHF – CPI (Monthly)
14.00 (GMT+1) CAD – BOC Rate Statement
08.15 (GMT+1) CHF – CPI (Monthly)
14.00 (GMT+1) CAD – BOC Rate Statement
