Date: 09.01.2012 Time: 21:39 Rate: 1.5098
4 Hour Chart
A quote from Yesterday’s review
After the move downwards (red broken line) while the price is “congregate” into a shrinking descending price channel, it looks like the price is braking on the 1.5030 price level. If the price will create for the first time an ascending price structure (peaks and lows organized in an ascending price structure) by breaking the 1.5170 price level and the upper lip of the tunnel, it will be possible to say that a correction of the mentioned downtrend has began. The first target of the price will be the 1.5280 which is a correction in size of a third by Fibonacci retracement. On the other hand, a proven break of the 1.5030 price level will continue the descending move and the lower lip of the tunnel will be the first braking area.
You can see he chart below:
Current review for today
The price did created a breach above the upper lip of the trend channel and above the 1.5170 price level but could not close a candle above this level so the breaking is false. A proven break above this level will probably ignite the move upwards. If the price will create a ascending price structure, meaning breaking the 1.5170 price level together with breaching the upper lip of thetunnel, it will be possible to say that a correction of the mentioned downtrend was started. The first target of the price is the 1.5280 price level which is a correction in size of a third by Fibonacci. On the other hand, a proven breaking of the 1.5030 price level will continue the downtrend with first braking point on the lower lip of the tunnel.
You can see he chart below: