Fibonacci Retracements Analysis 24.02.2014 (EUR/USD, USD/CHF)


Analysis for February 24th, 2014

EUR USD, “Euro vs US Dollar”

Euro continues moving upwards; main target, which is close to several upper fibo-levels, is just several pips away. Probably, level of 1.3800 may be reached during the next several hours and after that, pair may start new correction.

As we can see at H1 chart, after rebounding from local level of 38.2%, pair started new ascending movement. According to analysis of temporary fibo-zones, bulls may reach upper levels by Tuesday. I’ve moved stop on my buy order to latest local minimum.

USD CHF, “US Dollar vs Swiss Franc”

Franc continues reaching new minimums. Market may slow down a little bit near intermediate fibo-levels, but not for long. Main target, which is at level of 0.8800, is less than 100 pips away.

As we can see at H1 chart, pair reached local level of 78.6%, rebounded from it, and started moving downwards. Stops on my sell orders are close to local maximum. According to analysis of temporary fibo-zones, main target may be reached by the middle of the week.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.