Date: 25.04.2012 Time: 22:06 Rate: 1.3195
Daily chart
Last Review - And still the price continues to range between the 1.3000 and the 1.3200 price levels during the last 14 trading days.
Breaking the 1.3207 price level will probably lead the price towards the next resistance on the 1.3380 price level.
On the other hand, proven breaking of the 1.3000 price level and it is possible that the price will descend to check the last low on the 1.2625 price level.
Current review for today
Another day under the 1.32000 price level, it makes an impre4ssion that the price is trying to break this level, while it is knocking on its door for the last three days.
The Bollinger bands are starting to close on the price after being horizontal from the beginning of the month, which shows lower volatility in the market and lower chances that we will see the price breaching them in the near future.
You can see the chart below:
Last Review
The price has checked the 1.3200 price level as it was mentioned on the last review and stopped around this level.
It is possible to see that a harmonic pattern named Wolfe Waves was created (brown background),
the target of the pattern is the crossing of the price with the line connecting between points 1 and 4.
At this point the price is supported by the trend line connecting between points 2 and 4 and the 1.3130 price level.
Breaking of those two will indicate that it is possible to see the price continuing towards the Wolfe waves pattern target.
On the other hand, it is possible that this stoppage will create an ascending move that will correct the last downtrend that started from the 1.3200 price level in size of between a third (38.2%) and two thirds (61.8%).
Current review for today
Indeed the price stopped on the trend line connecting between points 2 and 4 in addition to the 1.3130 price level and climbed to check for the third time the 1.3200 price level.
The Wolfe waves pattern which was given on the last review is losing its significance while an ascending triangle was created,
its characteristics are movement of the supports upwards while the 1.3200 price level is used as the neckline and its proven breaking is suppose to lead the price towards the pattern target on the 1.3430 price level.
on the other hand, breaking of the trend line connecting between the last lows and the 1.3100 after, will create descending price structure that its meaning is downtrend towards the last low on the 1.3000 price level.
You can see the chart below:
Important announcements for today:
08.00 (GMT+1) EUR ECB President Draghi Speaks
13.30 (GMT+1) USD Core Durable Goods Orders (Monthly)
17.30 (GMT+1) USD FOMC Statement
19.15 (GMT+1) USD FOMC Press Conference
21.15 (GMT+1) CAD BOC Gov Carney Speaks
By: Real Forex
True ECN forex broker