Date: 16.10.2012 Time: 22:13 Rate: 1.0276
4 Hour chart
Last Review
The price has raised and corrected the last downtrend which started on the 1.0474 price level (red broken line) by a third to the 1.0275 price level while it is moving in an ascending price channel (blue broken lines). The price has broken the lower lip of the tunnel and breaking of the 1.0150 last low will sign the beginning of a downtrend which is created by the “Double top” pattern with a target on the 0.9721 price level (red broken lines). On the other hand, breaching of the upper lip of the descending price channel (black broken lines) will probably lead the price towards the closest resistance on the 1.0368 price level.
Current review for today
The price is located in a very critical situation at the moment, crossing of the ascending and the descending trend lines, and in addition on the 1.0275 Fibonacci correction level. Breaking of the last low on the 1.0150 price level will sign the beginning of a downtrend which is creating a technical pattern called “double top” while its target is the 0.9721 price level (red broken lines). On the other hand, proven breaking of the upper lip of the descending price channel (black broken lines) will probably lead the price to continue towards the closest resistance on the 1.0368 price level.
You can see the chart below:
