Analysis for May 21st, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected; target is still at local level of 38.2% (1.3780), where I placed limit sell order. If later price rebounds from it, current down-trend may continue.
As we can see at H1 chart, yesterday market rebounded from level of 61.8% (1.3680) right inside temporary fibo-zone. Possibly, price may break maximum during the day. Also, we should note that if bulls are able to break level of 38.2% (1.3780), correction may become much deeper.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also still being corrected. Most likely, during the next several days descending movement will continue; its target is at level of 38.2% (0.8860). I’ve already moved stop on my yesterday’s order into the black.
Yesterday, price completed correction between levels of 61.8 % and 78.6% inside temporary fibo-zone. Most likely, during the next several days pair will continue falling down towards level of 38.2% (0.8860).
RoboForex Analytical Department