EUR-USD
Date: 06/03/2013 Time: 18:28 Price: 1.3000
Strategy: Short / Long
Graph 4 hours
Quote previous review:
The 1.3000 level of support, combining with the lower lip of the parallel descending channel (lower continuous red line), these two, are formatting a support level for the price movement, while the moving average of the Bollinger bands is being used now as resistance level, continuing its way upwards. A basing above the average price level and an opening of the Bollinger bands, will most likely attract the upper lip of the parallel channel to go down, at the first stage. On the other hand, a breaking of the 1.3000 level, is reasonable to take the price towards the next support level at 1.2892.
Current Review today:
The price got to the lower level than the previousrecord level and has dropped again to check the level of support at 1.3000. Breaking of this highlevel, it is reasonable to assume, will take the price towards the support level at1.2892. However, basing above the level of 1.3000 and a breakthrough level of 1.3100, might create a move in orderto fix the downtrend that has started at the level of 1.3711, between one third and two thirds of it by the Fibonacci bar.
You can see the graph here:
GBP-USD
Date: 06/03/2013 Time: 18:39 Price: 1.5053
Strategy: Short / Long
Graph 4 hours
Quote previous review:
The pair is being close to the increasing structure formation, while the level of 1.5219 is being its testing point level. An outbreak of this and a reasonable price structure, will continue towards the level of 1.5314, according to the Fibonacci correction level of 38.2% , and will move downwards (described by the black broken line). On the other hand, a breaking of the price level at 1.4986 and a continuousdownward movement might signal us about preserving the falling prices structure.
Current Review today:
The price was unsuccessful in its attempt to breakthrough the resistance level of 1.5219, when it creates a lower peak level, and now, it seems to be doing its last move towards the low level of 1.4986. This high levelisalmost proven to continue the downtrend. On the other hand, an increasing strength of the price above the level of 1.4986 and the 1.5219 break through level, might create arising pricestructure, when its first goal, is going to be the last level of 1.5314, which is also a Fibonacci correction level of 38.2% on thedownwards move described by the black broken line.
You can see the graph here:
