Fibonacci Retracements Analysis 02.07.2014 (EUR/USD, USD/CHF)
02.07.2014
Analysis for July 2nd, 2014
EUR USD, “Euro vs US Dollar”
Euro started new correction with its first target at local level of 38.2% (1.3451). If price rebounds from it, pair will start new ascending movement towards the group of upper fibo‑levels at 1.3760 ‑ 1.3750.
As we can see at H1 chart, after rebounding from target area formed by several fibo-levels, price started correction. Considering that pair is getting closer to temporary fibo-zone, instrument may rebound from level of 38.2% right inside it.
USD CHF, “US Dollar vs Swiss Franc”
Franc is also being corrected; closest target for bulls is at level of 38.2% (0.8893). If pair rebounds from it, bears will start new descending movement towards the group of lower fibo-levels at 0.8815 ‑ 0.8805.
Possibly, current correction may complete inside closest temporary fibo-zone. If price rebounds from level of 38.2% and then breaks level of 23.6% downwards, I’ll increase my short position.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.