EUR-USD
It can be seen that the price moves in the upside parallel channel (discontinuous red), and stops in this area. We believe that the resistance level 1.43 nearly along with the upper side of the channel and the upper Bullinger band will form a barrier for the up trends, and begin the retracement at least to the level of 1.4036, the near support level.
As can be seen by the graph bellow:
Potential Trade
At 1.4100 breakdown of the price can be waited the formation of the downward price structure in the hourly time frame and to enter the short position.
First target: 1.4060
Second target: 1.4000
As can be seen by the graph bellow:
GBP-JPY
The price performed sharp increases from the level of 122.40 to the target of 133, about 800 pips. In this area the price stopped and it could be seen the last three candlesticks form Japanese candle sticks in the name of evening star. This is a reversal pattern and therefore, and we believe that this will lead to a short movement which is between one third to two thirds Fibonacci, in other words between the level of 129 to the level of 126.50.
As can be seen by the graph bellow:
The price got to the resistance level of 133.00 and to the dynamic resistance level which is labeled in AB letters, and from there starts to go down. We believe that the breakdown of the price 130.50, approve the movement of the retracement of all the uptrend (broken blue line).
Potential Trade
When the price will break down the price level of 130.50, you can wait in the hourly time frame for a decrease in the price structure and to enter the short position.
First target: 129.00
Second target: 127.70
Third target: 126.40
As can be seen by the graph bellow:
News Calendar for the 24.03.2011
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