EUR/USD h1
Scale of operation - Minuette
Current situation:
During the Asian session the price was below the resistance level 1.2742 of the channel 12/ML Minuette Wave Level Pitchfork lower limit. But it remained within the borders of 1/2 ML Pitchfork channel of the lower scale of operation Micro 1.2688 <-> 1.2717 <-> 1.2742 and therefore, today, on January 17, 2012, the price movement will depend on development of the resistance level 1.2742.
Elaboration of movement directions:
-> In case the resistance level 1.2742 of the channel 1/2ML Minuette lower limit is passed through, the price will continue the movement within the borders of the Pitchfork balance area of the Micro lower scale of operation -> 1.2803 <-> 1.2839 <-> 1.2863.
-> If the price is lower than 1.2742 then the price movement will be identified within the borders of the channel 1/2ML Micro -> 1.2742 <-> 1.2717 <-> 1.2688. If the resistance level of the Channel 1/2ML Micro lower limit (1.2688) does not stop the descending movement then the price will return to initial line of 1/2ML Micro (1.2688) Pitchfork and will reach the LTL Minuette (1.2613) guide line as possible option.
EUR/USD m15 & m5
Micro and SubMicro scales of operation
Elaboration of resistance and support levels.
