Analysis for June 4th, 2013
Yesterday the bulls reached the level of 78.6% and right now the price is trying to rebounds from it. If Euro breaks the latest minimums near the level of 1.2950, the price will start a new descending movement.
We may assume that a strong ascending movement towards the level of 78.6% made by the bulls may be their last one. According to the analysis of the temporary fibo-zones, the target area may be reached in the beginning of the next week. However, if the market breaks the level of 78.6%, the bulls may continue pushing the price upwards to reach the target at 1.33.
Yesterday Franc tried to break the level of 61.8%, but failed, and right now it is again moving above it. If the price is able to break the latest local minimum, the pair will start a new ascending movement.
The pair is trying to rebound from the level of 61.8%. According to the analysis of the temporary fibo-zones, the price may reach predicted targets by next Monday. At the same time we should note, that if the market continue falling down, the bulls will become weaker.
RoboForex Analytical Department