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Forex market EUR/USD
Date: 09/04/2013 Time: 19:45 Price: 1.3092
Strategy: Long
Graph 4 hours
Quote previous review:
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 it a 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 the last downwards move described by black broken line. On the other hand, blocking the upward movement in the current levels, will take the price to correct 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.
Current Review today:
The pair is being close to the level of 1.3114, which is a Fibonacci correction level of 38.2% on thedownwards move described by the black broken line. A proven outbreak of this level will lead the pair to the next Fibonacci level, the level of 1.3228. On the other hand, blocking the upward movement at the current stage area is likely to take the price tocorrect this process between one third and two thirds by the Fibonacci bar, meaning, a decrease towards the moving average of the Bollinger bands.
You can see the graph here:
Forex market GBP/USD
Date: 09/04/2013 Time: 19:49 Price: 1.5324
Strategy: Long
Graph 4 hours
Quote previous review:
The pair broke the high ranging level 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 the downwards move described by crushed red line. When an outbreak of this will 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 might correct the recent upward movement (described by the blue broken line) and return the pair to a bearish movement at this time resolution.
Current Review today:
The level of 1.5261 indeed proves its ability to be used as a support level that’s being reviewed by the price and now the pair is on its way to the level of 1.5422, which is also a Fibonacci correction level of 38.2% on thedownwards move described by the crushed red line, whilean outbreak of this it is reasonable to assume will take the priceto climb towards the level of 1.5600, a Fibonacci correction level that is 50% on the downward movement of the above. On the other hand, only a drop of the price below two-thirds might repair the recent upward movement (described by the blue broken line) and will return the pair to a bearish movement at this time resolution.
You can see the graph here:
