Tracking The EUR/USD, GBP/USD Pairs
Quote the previous weekly review:
The pair moved into a building prices formation and still falling, when a breaking of 1.3039 level, might send it (as written in the last market review)to the level of the previous day's strong support of 1.3000 located in the lower lip of the parallel descending channel (red dotted lines), which is also a dynamic support. Following the combination of these two, anupwards movement might be created in order to correct the downward movement which has began at the level of 1.3711 and is “jailed”by the last descending channel. On the other hand, a breaking may appear at the level of 1.3000 and it is reasonable to assume, that the price is going to get the next support level of 1.2892.
Current Review today:
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 levelfor the price movement, while the moving average of the Bollinger bands is being used now as resistance level,continuing itsway 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 at1.2892.
Quote Review last week:
The pair continues to move downwards, while it’s creating a downward price structure as long as it lasts.Anupwards movement, will signal us about a technical correction. If the structure will go up,beginning from the last low levelof1.4986, it is likely,to create a technical correction between one third and two thirds of the last continuous decline, which hasbegan at the level of 1.5828 and is being described by the black broken line.Its first goal will be the level of 1.5314. On the other hand, a breaking of the price level at 1.4986 and a continues downward movement, will preserve the falling price structure.
Current Review today:
The pair is being close to theincreasing structure formation, while the level of 1.5219 is being its testing point level. An outbreak of this and a reasonable pricestructure, 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 aboutpreserving the falling pricesstructure.