Wednesday, August 24, 2011

EUR/USD Intraday Techncial Analysis - August 24, 2011

EUR/USD h1
Wave Level Minuette

The price of EUR/USD currently is between the levels 1.4396 1/2ML of pitchfork BY Minuette and 1.4427 of the initial line of the pitchfork BY Minuette. The direction of the further movement of the pair today will be determined by the direction of this range’s breakthrough, and the options of the further events can be as follows:

- the puncture of the resistance of the initial line of the pitchfork BY Minuette at 1.4427 can cause an attempt to renew the yesterday’s high at 1.4502 and to continue the motion to the laval of 1.4522 at the previous live UWL38.2 of the pitchfork BY Minuette, the break through which will direct the price to the resistance level of 1.4579, which was formed by the crossing of the warning line UWL61.8 and of the control line UTL of the pitchfork BY Minuette;

- breaking of the support level at 1.4396 by 1/2ML will direct the price to the lower limit of the range 1/2ML of the pitchfork BY Minuette and to the level of 1.4348, a puncture of these levels and fixation of the price below the limits of the range 1/2ML of the pitchfork BY Minuette will give an opportunity to speak about the target of the price motion of EUR/USD to the support level at 1.4236 at the crossing of the lower limit of the zone of equilibrium of the dynamic pitchfork BY Minuette with the upper limit of the equilibrium zone of the static pitchfork BY Minuette, and further with the puncture of 1.4236 the further movement of the pair will be happening within the limits of the euiqlibrium zone of the pitchfork BY Minuette 1.4236 <-> 1.4177 <-> 1.4118.

EUR/USD m15 & m5
Wave levels Micro and SubMicro
Detalization of support and resistance levels in lower operational scales





Performed by Oleg Khmelevskiy, Analytical expert

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