Analysis for April 18th, 2013
The market couldn’t keep Euro above the level of 38.2% for a long time and right now the price is moving below it again. Most likely, in the nearest future the pair will continue falling down towards the level of 1.2920, where there are several fibo-levels at the same time. If the price breaks this zone, the bears will become more and more dominant.
At the H1 chart, we can see one more fibo-level inside the target area. Analysis of temporary zones indicates that predicted levels may be reached by the end of this week. During a local correction, I opened a sell order with the stop placed near the maximum.
On Wednesday, Franc rebounded from the level of 61.8%, which may be the first sign of a new ascending trend. The intermediate target is the area between the levels of 61.8% and 161.8%, where I placed Take Profit on my short-term buy order.
At the H1 chart, Franc is being corrected. However, we can’t exclude a possibility that the price may break the maximum during the day. In this case, the pair will continue moving towards the target area. Analysis of temporary time zones indicates that the market may reach it by Friday.
RoboForex Analytical Department