Analysis for February 29th, 2012
Despite the fact that the bulls broke the local maximum, they haven’t been able to break the 5/8
level yet. That’s why, in order to decrease the risk, I’ve moved the stop on buy order into the black. The short‑term target is still the 6/8
At the H1 chart the rising movement was slowed down by the 4/8
level. If the price breaks this level, and then the 5/8
one, the market will continue growing up towards the 8/8
level, where Take Profit is placed.
It looks like the EUR/JPY currency pair is going to be corrected for a little while more. The bulls may be supported by the daily Super Trend’s line. If the price breaks the line, the market will move much lower. The target is still at the 8/8
At the H1 chart the price, after leaving an “overbought zone”, couldn’t stay below the 6/8
level for a long time. We can’t exclude a possibility that the market may try to enter this zone once again, and if it rebounds, the price will start growing up again.
Silver made a strong rising movement and has almost reached the target level. At the moment the market is being corrected, but may reach the 8/8
level during the day. If it breaks this level, the price will continue moving upwards.
At the H1 chart the price broke the 7/8
level and then the correction started. Most likely, the pair will continue growing up on Tuesday and the bulls will reach the 8/8
level. The future scenario depends on how the market will move at this level.