Fibonacci Retracements Analysis 11.04.2014 (EUR/USD, USD/CHF)
11.04.2014
Analysis for April 11th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar reached its main target at level of 78.6% and Take Profit on my by order worked. Right now, price is trying to rebound from the group of upper fibo levels. In case price starts falling down, I opened sell order with tight stop.
As we can see at H1 chart, market is moving inside temporary fibo-zone, which means that it may start anew correction, at least. Most likely, pair will reach local level of 38.2%; if it breaks this level, price will continue moving downwards.
USD CHF, “US Dollar vs Swiss Franc”
Yesterday Take Profit on my sell order worked; price rebounded from the group of lower fibo levels twice, so I decided to open buy order with tight stop. I’ll move stop into the black as soon as market starts moving upwards.
As we can see at H1 chart, Franc reached temporary fibo-zone. In the near term, price is expected to grow up towards local level of 38.2%. If bulls break this level, pair may continue moving upwards to break level of 50%, or even 61.8%.
RoboForex Analytical Department
Attention!
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.