Fibonacci Retracements Analysis 16.05.2014 (EUR/USD, USD/CHF)
16.05.2014
Analysis for May 16th, 2014
EUR USD, “Euro vs US Dollar”
Euro started correction; its closest target is at local level of 38.2%. If later price rebounds from it, pair may start new ascending movement towards the group of lower fibo levels at 1.3595 – 1.3585.
As we can see at H1 chart, market is getting closer to temporary fibo-zone. Possibly, inside this zone price may rebound from level of 38.2%, where I placed limit sell order with stop above level of 61.8%.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also being corrected; local target is at level of 38.2% as well. We should note, that if bears are able to break this level, price will continue falling down much lower.
According to analysis of temporary fibo-zones at H1 chart, price may reach level of 38.2% during Friday. If later pair rebounds from this level, I’ll open several buy orders with stop placed below minimum.
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