Analysis for April 1st, 2013
The EUR/USD currency pair is still being corrected. We can’t exclude a possibility that the bears may reach the level of 38.2%. If the price rebounds from this level, the pair will continue falling down towards the target area, where there are several fibo-levels at the same time.
Analysis of time zones points out two areas: the first area is the one, where the current correction may finish; the second area is the one, where the price may reach the target area. If the correction finishes at the level of 38.2% at a predicted time on Tuesday, one may consider increasing short positions.
Franc is also being corrected. We can’t exclude a possibility that the bulls may be supported by the level of 23.6% and the price will rebound from it. If it happens, the pair will continue growing up towards new maximums. The target zone is between the levels of 61.8% (extension) and 161.8% (correction).
At the H1 chart the targets for a local correction are at the levels of 50% and 61.8%; the price may reach these targets on Tuesday. If the pair rebounds from these levels later, the market may start moving upwards again.
RoboForex Analytical Department