Analysis for July 19th, 2013
Euro is still consolidating; there is still a possibility that the price may reach the level of 78.6%. Near this level we can see the 1.618 line of the fibo-channel (from the latest local correction), which makes it even more important.
At the H1 chart, the price is moving between the levels of 61.8% and 50%. If the market is able to keep the price above the level of 61.8%, the pair will continue growing up towards the level of 78.6%. However, if the market rebounds from the level, the pair may start a correction.
Franc is moving below the level of 50%. If later the pair rebounds from the level of 61.8%, the bears will continue 1.618 line of the fibo-channel, the pair will continue falling down. In this case, the target will be the level of 78.6%, where there are several more fibo-levels.
At the H1 chart, we can see that main tendency remains bearish. According to the analysis of the temporary fibo-zones, the lower levels may be reached in the beginning of the next week.
RoboForex Analytical Department