Forex Daily review- 27.09.2012

As it was written on the last review, by breaking the 1.3000 price level, the price has descended to the 1.2916 price level which is a 38.2% Fibonacci correction of the uptrend which started on the 1.2500 price level. at this point, breaking of the 1.2916 price level (and closure of the candle above this level) will probably lead the price towards the next Fibonacci retracement level on the 1.2824 price level. On the other hand, stoppage of the price at the current area and breaching of the 1.3172 price level will indicate that the price will continue north with first target on the 1.3280 price level which is the closest resistance.

The price continued its way downwards to the 1.2916 price level and reached the moving average of the Bollinger bands and 50% Fibonacci correction to the 1.2824 price level, which is a correction of the last uptrend which started on the 1.2500 price level. stoppage of the price at the current area and breaching the 1.3172 price level will probably lead the price north towards the first target of the price on the 1.3280 price level which is the closest resistance. On the other hand, breaking of the 1.2824 price level will indicate that the next target will be the 1.2750 price level which is a 61.8% correction of the mentioned uptrend.

By breaking the 1.3000 the price has descended to the 1.2916 target level, while it is possible to see it stops there two times. Breaking of the 1.2892 price level will indicate that the price will continue its way downwards to the next Fibonacci retracement level on the 1.2837 price, while breaking this level will lead towards the 1.2758 price level which is another Fibonacci correction level. On the other hand, stoppage of the price at the current area and breaching of the 1.3048 price level will sign a change in the price structure after an ascending price structure will create, its closest target will be the last peak on the 1.3170 price level.

As it was written on our last review, by breaking the 1.2892 price level, the price continued downwards to the next Fibonacci retracement on the 1.2837 price level and stopped there. Breaking of this level will probably lead the price towards the 61.8% Fibonacci correction of the uptrend marked with black broken line on the 1.2758 price level. On the other hand, a creation of an ascending price structure will indicate that the price has finished the correction and its first target will be the last peak on the 1.3170 price level.

The price still cannot create a descending price structure, therefore all its movement in the last days goes to the right direction. Breaking of the 1.6163 price level will probably lead the price towards its first target on the 1.6100 price level, which is a 38.2% Fibonacci correction level of the last uptrend marked in black broken line. On the other hand, breaching of the 1.6310 price level will indicate that the uptrend will continue.

By breaking the 1.6163 price level the price has created a descending price structure with first target on the 1.6100 price level, which is a 38.2% Fibonacci correction level of the uptrend marked in black broken line. On the other hand, only a proven breaking of the 1.630 price level will indicate the continuation of the uptrend.

In the last few days the price is ranging between the 1.0268 and the 1.0517 price levels while it is possible to say that breaking of the 1.0340 price level will probably lead the price towards the last low on the 1.0167 price level. On the other hand, breaching of the 1.0543 price level will probably lead the price to check the last peak on the 1.0613 price level again.

The price has reached the 1.0340 target level which is a 61.8% Fibonacci correction level of the uptrend started on the 1.0167 price level. Stoppage of the price in the current area and a creation of an ascending price structure will probably lead the price to end the correction with first target on the last peak on the 1.0613 price level. On the other hand, breaking of the 1.0340 price level will indicate that the downtrend continues towards the next support on the 1.0278 price level.

Breaching of the 0.9300 price level sent the price to the 0.9368 target level while creating n ascending price structure. If the structure will not change, it is possible to assume that the price will continue towards the next resistance on the 0.9420 price level followed by the 0.9500 area. On the other hand, stoppage of the price at the current area and creation of a descending price structure will probably lead the price to check the last low on the 0.9250 price level again.

The price did reach close to the 0.9420 price level while it is still located under an ascending price structure. Breaching of the mentioned level will probably lead the price towards the next resistance on the 0.9463 price level, while breaking this level will send the price to check the 0.9513 resistance which is also a 38.2% Fibonacci correction level of the downtrend started on the 0.9950 price level (red broken line). On the other hand, stoppage of the current uptrend on the 0.9420 resistance and a creation of the a descending price structure will probably lead the price towards the last low in order to check if it can be an appropriate support.

09.30 (GMT+1) GBP – Current Account

10.10 (GMT+1) EUR – Italian 10-y Bond Auction

13.30 (GMT+1) USD – Core Durable Goods Orders (Monthly)

13.30 (GMT+1) USD – Unemployment Claims

15.00 (GMT+1) USD – Pending Home Sales (Monthly)

Forex news brought to you by Real Forex, TRUE FOREX TRADING ECN BROKER | www.real-forex.com