Analysis for August 5th, 2013
Euro is being corrected; the price is moving at the level of 78.6% again. If the bears are able to rebound from this level, the market will continue moving downwards. The target will be in the area between the levels of 161.8% and 38.2%.
At the H1 chart, the pair is trying to rebound from the level of 61.8%. If the bears succeed in doing it, the price may break the previous minimum. The intermediate target will be at the level of 100% (fibo-extension).
Franc is still moving above the level of 78.6%; the bulls are trying to start a new ascending movement. We can’t exclude a possibility that the pair may break a local maximum during the next several days.
At the H1 chart, the pair is trying to rebound from the level of 61.8%. The target for the bulls is the area between the levels of 100% (extension) and 38.2% (correction). Earlier, the temporary fibo-zones indicated the exact point of a reverse.
RoboForex Analytical Department