Analysis for July 18th, 2013
Yesterday Euro couldn’t break the level of 61.8%, again. We can’t exclude a possibility that the bulls may try to break it once more time in the nearest future. The man target is still the level of 78.6%.
At the H1 chart, the price is consolidating. There is a possibility that the pair may break a local minimum during the day. The bulls may face the resistance from the 2.618 line of the fibo-channel.
Franc is also being corrected. If the price rebounds from the 1.618 line of the fibo-channel, the pair will continue falling down. The target for the bears is the level of 78.6%, which may later become a starting point of a new, deeper correction.
At the H1 chart, we can see that the pair rebounded from the level of 50%. According to the analysis of the temporary fibo-zones, the level of 78.6% may be reached by the end of this week. One more resistance for the bears will be the 2.618 line of the fibo-channel.
RoboForex Analytical Department