Daily Market Review for the 31.03.2011


Time: 08.00 Rate: 117.10

Strategy: Long

Daily time frame

The pair got to the possible business target as 200 pips and stopped. (see graph)

As can be seen by the graph bellow:



Four hour time frame

Due to the fact that the pair stopped on the target point it is expected to retrace downward when one of the clear areas of support level is 116.00 which constitutes a retrace of 38.2 to the last upward movement (the movement is highlighted in a discontinuous pink line), in addition the point is an upper area of resistance level that broke out and so constitutes a good support level.

As can be seen by the graph bellow:



Potential Trade

Long in the area 115.50-116.00 with the stop approval of the price in the hourly time frame (w pattern or change in the bullish structure).

Stop: under the next Fibonacci level – 115.00 50% – 115.50 61.8% in accordance with the entrance point. 

First target: 117.00

Second target: 118.00


Time: 08.45 Rate: 1.0330

Strategy: short

The pair increased without stopping from 0.9706, area 1.0340 constitutes the level of 127.2% Fibonacci of the downward movement so that preliminary one can see retracement in the first stage at least to the support level that broke out (red) 1.0200 and after from there, there is a potential for retracement of 38.2 Fibonacci 1.0100.

As can be seen by the graph bellow



Potential Trade

 Short under the candlestick 1.0300

Stop: 1.0430

First target: 1.0200

Second target: 1.0100



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