Date: 05.11.2012 Time: 17:33 Rate: 1. 2787
Daily chart
Last Review
EUR/USD Forecast- The price is keeping on ranging around the 1.3000 price level while we cannot define a clear direction yet. Breaking the 1.2824 price level will lead the price towards the closest Fibonacci on the 1.2750 price level at first stage and breaking this level will lead the price towards the next Fibonacci on the 1.2600 price level. On the other hand, stoppage of the price at the current area and breaching the 1.3172 price level will probably continue the uptrend with first target on the 1.3280 resistance level.
Current review for today
EUR/USD Forecast- the price has opened the trading week under the 1.2825 support level and currently making its way towards the 1.2750 price level, which is a 38.2% Fibonacci correction of the last uptrend marked with black broken line. At this point it is clearly possible to tell that there is a descending price structure and it is possible that the current low will not be the last. Breaking the 1.2750 price level will probably lead the price to the next Fibonacci on the 1.2600 price level.
You can see the chart below:
EUR/USD
Date: 05.11.2012 Time: 17:50 Rate: 1.2793
4 Hour chart
Last Review
EUR/USD Forecast- although the price has breached the 1.2981 price level, it stopped on the ascending trend line (black broken line) which is used as dynamic resistance, while correcting the last downtrend (red broken line) by 50% to the 1.3011 price level. Breaking the 1.2891 price level will probably lead the price towards the next support on the 1.2837 price level. On the other hand, breaching the 1.3011 price level and the establishment of the price above the ascending trend line (black broken line) will probably continue the correction move towards the 1.3041 price level at first stage.
Current review for today
EUR/USD Forecast- The price did break the 1.2981 price level and currently close to the 1.2758 price level which is a 61.8% Fibonacci correction level of the uptrend marked with blue broken line. Breaking this level will probably lead the price towards the next support on the 1.2638 price level. It is possible to see that the price is moving in a descending price structure and as long as this will not change, every move upwards will be considered only as a correction to the previous downtrend.
You can see the chart below:
