Analysis for July 11th, 2014
EUR USD, “Euro vs US Dollar”
Euro is starting new descending movement. Target is still the group of lower fibo-levels at 1.3465 – 1.3455. I’ve got two sell orders with stop loss placed above weekly extremum.
As we can see at H1 chart, price rebounded from local fibo-level of 61.8% (1.3650) inside temporary zone and started moving downwards. Right now, pair is trying to find support at level of 50% (1.3620). If market rebounds from it, bears may reach new low during Friday.
USD CHF, “US Dollar vs Swiss Franc”
Franc is trying to complete current correction and start new ascending movement. Targets is still the group of upper fibo-levels at 0.9105 – 0.9095. I’m planning to increase my long position during the day.
As we can see at H1 chart, price rebounded from local level of 50% and temporary zone. Possibly, pair may break its maximums during the next several hours. In this case, I’ll move stop loss on my order a bit higher before the weekend.
RoboForex Analytical Department