EUR-USD
Monthly chart
Last Month review
The price did broke the 1.3200 price level by the main assumption of the previous review and even broke the 1.3050 price level which was given on the previous review as a possible target too. The price currently stopped on the 1.2890 support level which looks pretty minor and a proven break of this level is suppose to lead the price for the closest Fibonacci level (78.6%) that is correcting the ascending move (blue broken line) and looks like a support level, the 1.2530 price level
Another option, but with lower probability, is a brake of the price at this area and a correction of the last descending move that started around the 1.5000 area, that in size of between a third and two thirds by Fibonacci retracement.
Current review for today
First of all there is a need to mention that the current candle shows the current month.
In the big picture it is possible to say that since the end of year 2009 and until today the pair is limited between the 1.2000 and the 1.5000 price levels, while during this period it is moving from side to side, now it is on the lower lip of the range and it is possible to see how the Bollinger bands are closing the price from both sides and the meaning of it is that the price will not have a practical possibility to move beyond the limits of the bands unless something radical will occur. In the near future it looks like the 1.2530 price level is a Maximum target in case the price will push it down since this is a support level which is close to the lower Bollinger band that turns upwards sharply. On the other hand, an ascending move is possible as well with the breaking of the 1.3200 resistance level with a first target of the price at the 1.3500 price level, which is a correction in size of a third (38.2%) of the last descending move (red broken line).
You can see the chart below:
By: Real Forex – a True ECN Broker
Trade Forex with confidence
Monthly chart
Last Month review
The price did broke the 1.3200 price level by the main assumption of the previous review and even broke the 1.3050 price level which was given on the previous review as a possible target too. The price currently stopped on the 1.2890 support level which looks pretty minor and a proven break of this level is suppose to lead the price for the closest Fibonacci level (78.6%) that is correcting the ascending move (blue broken line) and looks like a support level, the 1.2530 price level
Another option, but with lower probability, is a brake of the price at this area and a correction of the last descending move that started around the 1.5000 area, that in size of between a third and two thirds by Fibonacci retracement.
Current review for today
First of all there is a need to mention that the current candle shows the current month.
In the big picture it is possible to say that since the end of year 2009 and until today the pair is limited between the 1.2000 and the 1.5000 price levels, while during this period it is moving from side to side, now it is on the lower lip of the range and it is possible to see how the Bollinger bands are closing the price from both sides and the meaning of it is that the price will not have a practical possibility to move beyond the limits of the bands unless something radical will occur. In the near future it looks like the 1.2530 price level is a Maximum target in case the price will push it down since this is a support level which is close to the lower Bollinger band that turns upwards sharply. On the other hand, an ascending move is possible as well with the breaking of the 1.3200 resistance level with a first target of the price at the 1.3500 price level, which is a correction in size of a third (38.2%) of the last descending move (red broken line).
You can see the chart below:
By: Real Forex – a True ECN Broker
Trade Forex with confidence
