Analysis for April 11th, 2013
Yesterday the EUR/USD currency pair rebounded from the level of 38.2%. We can’t exclude a possibility that the price may start a correction, at least. The target for the next several days is the area between the levels of 38.2% (backward correction) and 161.8% (extension).
At the H1 chart, the pair is being corrected. Analysis of temporary fibo-zones indicates that predicted levels may be reached by Friday. If the price breaks these levels, the bears will continue pushing the pair downwards.
The market rebounded from the 50% level and right now is trying to make a reverse upwards. If the bulls succeed, their first target will be at the level of 38.2%. If the market breaks it, the price will start a new ascending movement.
At the H1 chart, Franc is being corrected. Analysis of temporary fibo-zones indicates that the price may reach the upper levels by the end of the week. If the pair breaks these levels, the bulls will continue pushing the price upwards to break the maximum.
RoboForex Analytical Department