Analysis for January 13th, 2014
Eurodollar reached local correctional level of 38.2% and Take Profit on my buy order worked. Considering that price was moving upwards quite fast, market is expected to continue current correction. After completing slight short-term correction, pair may continue growing up towards level of 50%.
At H1 chart, pair is starting descending correction with target at 38.2%. If market rebounds from this level, bulls may continue pushing price upwards and even break previous maximum.
Franc has almost got to level of 38.2%; however, taking into account two “tails”, this target may be considered reached. Most likely, in the nearest future pair will start new correction, after which price is expected to start new descending movement towards level of 50%.
During the day, market may form local correction with target at level of 38.2%. If price rebounds from this level, I’ll open sell orders again. According to analysis of temporary fibo-zones, level of 50% may be reached this Wednesday.
RoboForex Analytical Department