Analysis for May 26th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is consolidating close to the group of lower fibo levels at 1.3600 – 1.3590. Possibly, these targets may be reached on Monday. If later price rebounds from them, market may start more serious correction.
As we can see at H1 chart, temporary fibo-zone indicated the start of new correction. Right now, price is moving at level of 38.2% (1.3640). If it rebounds from this level, market may start new descending movement.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also being corrected. In the near term, price may reach the group of upper fibo levels at 0.8980 – 0.8975. Future scenario depends on how instrument will move inside this target area.
As we can see at H1 chart, right now price is moving at local level of 50% (0.8946). According to analysis of temporary fibo-zones, current correction may have already completed. That’s why on Monday instrument is expected to start new ascending movement towards upper target levels.
RoboForex Analytical Department