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Time now: Jun 1, 12:00 AM

FX GLORY - fxglory.com

As it was mentioned in the previous analysis of this currency pair dated 03.10.2012, the price continued its descending and finally have reached to the supportive level. Right now the price has been stopped by reaching to the supportive region and has recorded the bottom price of 1.06230 by making the ascending candle which is obvious in the picture below.
Closing of ascending candle in 18th shows temporary failure of the sellers in reaching to the lower price but it doesn’t cause they stop their sell because in weekly time frame of this currency pair there is no clear sign for ascending of the price. From the top price of 1.06230 till the bottom price of 1.01474, there is AB=CD harmonic pattern with the ideal ratios of 50 to 200 which there is a warning for ascending of the price with the completion of D point in this pattern. Stoch indicator is in saturation sell area and shows the possibility of ascend according to the next cycle during the next days. Generally until the bottom price of 1.01474 is preserved, the price has the potential to ascend in this currency pair.

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