Fibonacci Retracements Analysis 03.03.2014 (EUR/USD, USD/CHF)


Analysis for March 3rd, 2014

EUR USD, “Euro vs US Dollar”

Last Friday, Eurodollar reached its first bullish target and Take Profits on my buy orders worked. During correction, I opened another buy order; next target is at level of 1.3875. I’ll move stops into the black as soon as price breaks maximum.

As we can see at H1 chart, pair reached its target at level of 1.38 right inside temporary fibo-zone. Right now, pair is being corrected and may test local level of 38.2% in the nearest future. It is rebounds from this level, price may start new ascending movement.

USD CHF, “US Dollar vs Swiss Franc”

Franc also reached its first target. However, in the future bears may continue pushing price downwards to reach their next target, which is near several fibo-levels at 0.8715. Possibly, after reaching it, price may start new and more serious correction.

At H1 chart we can see, that price reached channel’s lower border and started new correction, which is already 23.6%. Probably, pair may finally reach local level of 38.2%, rebound from it, and start new descending movement.

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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.