Date: 13.11.2012 Time: 16:20 Rate: 1.2718
Daily chart
Last Review
EUR/USD Forecast- The price is breaking the 1.2750 support level and it is possible to assume that its next target will be the 1.2600 Fibonacci level. It is possible that we will see a stoppage on its way downwards (on one of the minor levels on the way), and a correction in size of between a third and two thirds of the downtrend started from the 1.3000 price level.
Current review for today
EUR/USD Forecast- It looks like the price is stopping on the 1.2678 support level, while it is creating a candle called “Hammer” (at the moment, we will have to wait until the closure of the candle). This type of candle shows a massive entrance of the buyers while it is seen on a support level and it is possible that we will see a creation of an uptrend which will perform a correction in size of between a third and two thirds of the downtrend started on the 1.3000 price level area. On the other hand, another breaking of the 1.2678 support level will probably lead the price to a continuation of the downtrend towards the 1.2600 price level, which is a 50% Fibonacci correction of the last uptrend (black broken line).
You can see the chart below:
Date: 13.11.2012 Time: 16:33 Rate: 1.2718
4 Hour chart
Last Review
EUR/USD Forecast- The 1.2670 price level is used as a secondary support level, this is why the price can stop in this area and perform a correction of the last downtrend. On the other hand, breaking the last low on the 1.2690 price level in a proven way will probably lead the price downwards to the 1.2690 price level.
Current review for today
EUR/USD Forecast- The price is showing stoppage signs of the downtrend on the minor support, the 1.2690 price level while it is creating a “morning star” pattern followed by a “Hammer” candle, they are both showing the growing strength of the buyers which are trying to prevent the price from moving under this level. Creation of an ascending price structure will probably create an uptrend which will correct the downtrend marked with blue broken line by 38.2% at first stage, meaning to the 1.2800 price level. On the other hand, proven breaking of the 1.2690 price level will continue the downtrend towards the closest support on the 1.2638 price level.
You can see the chart below:
