Forex Daily review brought to you by REAL FOREX | www.Real-forex.com
Forex market news EUR/USD
Date: 04/08/2013 Time: 18:44 Price: 1.2996
Strategy: Short / Long
Graph 4 hours
Quote previous review:
The pair continues to range between the levels of 1.2750 to 1.2880 when an outbreak of thesewill take the price at the first stage towards the next resistance level of 1.3000. However, breaking the level of 1.2750 will take the price towards further downward movement continuation.
Current Review today:
The price broke the level of 1.2880, topranging level. Indeed, as written in the last market forecast, the price has achieved the level of 1.3000, which makes ita ranging balance level. A continuation of the upward movement will most certainly lead to price level of 1.3114, used also as a Fibonacci correction level of 38.2% on thelast downwards move described by black broken line. On the other hand, blocking the upward movement in the current levels, will take the price tocorrect this process between one third and two thirds on the Fibonacci bar, meaning, that it is moving towards the average area of the Bollinger bands.
You can see the graph here:
Forex market news GBP/USD
Date: 04/08/2013 Time: 22:00 Price: 1.5252
Strategy: Short / Long
Graph 4 hours
Quote previous review:
Price is currently in the middle of a Range between the levels of 1.5070 to 1.5261. Breaking of this high level of 1.5070 is proven and it is reasonable to assume that another price decreased will appearto the range near the low level of the last ranging levels. However, a price breakthrough is proven on the level of 1.5261 and islikely to rise to the level of 1.5422, a level which is also a technical correction of a 38.2% on the decline during the last move described by the blue broken line.
Current Review today:
The pair broke the high ranginglevel of 1.5261 and now is going down to check whether this level can switch roles from a resistance level to a support. If so, it`s likely,to be destined towards the nearest price level of 1.5422, which is a Fibonacci correction level of 38.2% on thedownwards move described by crushed red line.When an outbreak of thiswill appear,it reasonable to assume, that the price will climb back to the level of 1.5600, a Fibonacci correction level which is I. 50% of the downward movement above. On the other hand, only a drop of the price below two-thirds mightcorrect the recent upward movement (described by the blue broken line) and return the pair to a bearish movement at thistime resolution.
You can see the graph here:
