FOREX NEWS. According to Forexite (the 16th place of the 3rd league of ’s rating of Forex brokers), after yesterday’s decline EURUSD consolidated in the $1.4531-1.4585 range. At this point numerous investors are looking forward to the April data on the US labor market.
According to the department of GTMT, , in mid-term perspective the situation in the market may follow one of the following scenarios:
Movement layouts. Daily-H1-M15. EUR/USD. May 6th 2011.
1. Upward scenario (CP1-CP2-CP3)
Support level: 1.4509 is critical for this variant of movement. A breakout of it cancels the scenario.
Resistance levels:
Volatility indicator “Saks Channel”: 1.4605-1.4718-1.4830.
Local high: 1.4939. BUY target grid of the basic indicator is absent
2. Flat scenario (Flat-zone):
Support level: 1.4939 .
Resistance level: 1.4761.
For the flattish movement scenario these levels are critical. If there is flat widening, the levels may see false breakouts. However, the deviation mustn’t exceed 161.8% - 1.4726. Therefore, in this case the price mustn’t come out of the buy-zone or sell-zone. The 161.8% support level inside the buy-zone and the 161.8% resistance level inside the sell-zone are critical for this scenario and cancel it once violated.
3. Downward scenario (CP1-CP2-CP3)
Resistance level: 1.4582 is critical for this variant of movement. A breakout of it cancels the scenario.
Support levels:
Volatility indicator “Saks Channel”: 1.4491- 1.4378.
Local low: 1.4491. SELL target grid of the basic indicator: 1.4473-1.4405
