Analysis for July 17th, 2013
Euro is starting a new ascending movement; the price is very close to the maximum. The target for the bears is at the level of 78.6%. In addition to that, the bulls may face the resistance form the 2.618 line of the fibo-channel.
At the H1 chart, the price is moving below the level of 61.8%. If the pair breaks it, the price will continue moving towards the level of 78.6%. According to the analysis of the temporary fibo-zones, the predicted levels may be reached until the end of this week.
Yesterday Franc broke its minimum. The stop on my sell order is already in the black. Most likely, the price will continue moving downwards during the next several hours. The target is the level of 78.6% and the 2.618 line of the fibo-channel.
At the H1 chart, we can see that the pair is moving below the 1.618 line of the fibo-channel. According to the analysis of the temporary fibo-zones, the lower levels may be reached by Friday evening. If the market rebounds from the 78.6% level, the pair may start a deeper correction.
RoboForex Analytical Department