Analysis for June 24th, 2013
Euro is still moving inside a strong descending trend. Most likely, the price will continue moving downwards after completing a local correction. The target area for the bears is between the levels of 61.8% and 50%.
At the H1 chart, one more target is the 2.618 line of the fibo-channel. According to the analysis of the temporary fibo-zones, predicted targets may be reached during the day. Later these levels may become a starting point of a new correction.
Last Friday Franc reached a new local maximum. Despite the fact that the market formed a small gap at its opening, the pair started a correction. The target for the bulls is area between the levels of 123.6% and 50%.
At the H1 chart we can see, that there is one more fibo-level in the target area. According to the analysis of the temporary fibo-zones, the bulls may reach their targets during the next 24 hours. After that, the pair may start a new correction.
RoboForex Analytical Department