Fibonacci Retracements Analysis 06.05.2014 (EUR/USD, USD/CHF)
06.05.2014
Analysis for May 6th, 2014
EUR USD, “Euro vs US Dollar”
After rebounding from level of 50% (1.3788) several times, Euro started growing up. Possibly, price may reach new maximum during the day. Closest target for bulls is the group of fibo levels at 1.3955.
As we can see at H1 chart, pair rebounded from local level of 61.8% (1.3844) close to temporary fibo-zone and started new correction. Stop on both buy order is already in the black. I’m planning to move stops higher as price continues growing up.
USD CHF, “US Dollar vs Swiss Franc”
After slight consolidation, Franc broke local minimum. Yesterday I opened another sell order. Main target for bears is the group of fibo levels at 0.8695.
As we can see at H1 chart, pair rebounded from local level of 78.6% right inside temporary fibo-zone and completed current correction. Intermediate target for bears is the group of fibo levels at 0.8720 – 0.8715: if they break this target area, market will continue moving downwards.
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