Analysis for July 4th, 2013
Currently a local correction is taking place and may continue for a little longer. The main target is still the level of 78.6%. In addition to that, there are two more levels near it: 138.2% and 300%.
At the H1 chart we can see, that the temporary fibo-zones indicates the exact point where the price started a correction. Most likely, Euro will grow up a little bit during the day. We can’t exclude a possibility that the bulls may face the resistance form the 2.618 line of the fibo‑channel.
Franc is also being corrected. There is a possibility that the market may test a local minimum, but is very unlikely to keep the price below it. The main target for the bulls is at the level of 61.8%. I’m planning to enter the market by placing a limit order.
The temporary fibo-zones indicate that the current correction may finish during the next 24 hours. As soon as the price reaches a new minimum, we’ll be able to estimate when the pair will reach the upper levels.
RoboForex Analytical Department