Date: 14.11.2012
Daily chart
Last Review
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).
Current Review for today
As was reviewed yesterday a Doji candle was formed on the support level and if the daily candle will be closed with a greenish body, probably we will have a correction toward 1.3000 approximately between 1/3 – 2/3 in Fibonacci. On the other hand, if the price will break the support level of 1.2678 the bearish trend will continue to 1.2600, a level of 50% correction on Fibonacci.
