Date: 16.10.2012 Time: 21:08 Rate: 1.6114
4 Hour chart
Last Review
It is possible to see that the price has corrected the short move upwards (black broken line) by 61.8% and the long move upward (blue broken line) by 38.2% to the 1.6000 price level, stopped in that area and currently correcting the last downtrend which started on the 1.6200 price level (red broken line). Breaching of the 1.6100 price level will probably lead the price towards the closest resistance on the 1.6163 price level. On the other hand, breaking of the last low on the 1.5978 price level in a proven way is suppose to lead the price towards the next Fibonacci on the 1.5900 price level which is a support level as well.
Current review for today
The price has breached the 1.6100 price level and corrected 61.8% of the last downtrend (red broken line), and in addition reached the upper lip of the ascending price channel (blue broken lines). The price is moving now in an ascending price structure and the continuation of the mentioned uptrend is suppose to bring it in first stage to the closest resistance on the 1.6163 price level. On the other hand, stoppage of the price at the current area will probably lead the price to the lower lip of the ascending price channel.
You can see the chart below:
