Analysis for January 23rd, 2014
Euro is still consolidating, but may yet start new descending movement. Main target is still in lower area close to 1.3490, where there are several fibo-levels. Possibly, price may break local minimum during the day.
At H1 chart we can see, that market tested local correctional level of 50% one more time and rebounded from it again. According to analysis of temporary fibo-zones, predicted targets may be reached during the next 24 hours.
Franc is also moving sideways so far; upper target area is formed by three fibo-levels. If later price rebounds from it, pair may start new and more significant correction.
As we can see at H1 chart, yesterday market rebounded from level of 50% again. I’m keeping two buy orders with target near upper levels. According to analysis of temporary fibo-zones, bulls may reach them by Friday.
RoboForex Analytical Department