Date: 16.10.2012 Time: 19:50 Rate: 1. 3047
Daily chart
Last Review
During the last trading week the price has checked again the 1.2824 price level and jumped back up after touching it. It is possible to see that the price did not create a descending price structure yet, therefore the trend is still an uptrend. If the price will continue its way towards above the 1.3070 price level, it will create an ascending price structure again and it is possible that the 1.3172 price level will be its first target. On the other hand, descending of the price under the 1.2824 price level is suppose to send it towards the 1.2750 price level which has two roles, 1- is a 61.8% Fibonacci correction of the last uptrend (blue broken line), and 2- a 38.2% correction of the uptrend that began on the 1.2040 price level (black broken line) and a significant support level.
Current review for today
EUR/USD forecast – The price is very close to the 1.3070 price level, breaching this level will create an ascending price structure which will probably lead the price towards the last peak on the 1.3172 price level. On the other hand, only descending of the price under the 1.2824 price level is suppose to lead the price towards the 1.2750 price level which is a significant level since it is a 61.8% correction level of the last uptrend which started on the 1.2500 price level (blue broken line) and in addition it is a 38.2% Fibonacci correction of the uptrend started on the 1.2040 price level (black broken line) and a significant support level.
You can see the chart below:
