Analysis for August 14th, 2013
Euro is not in a hurry to move upwards, so we may assume that the current correction may continue. The first target for the bears is the level of 38.2%, which is confirmed by one more fibo-level, 161.8% (fibo-extension).
At the H1 chart, we can see several fibo-levels in the area of 1.3150. Moreover, this correction may face the resistance from the 1 line of the fibo-channel. According to the analysis of the temporary fibo-zones, the target levels may be reached during the next several days.
Franc is moving upwards very fast, giving the bears no chance to start any descending movement. The first target for the bulls is in the area of 0.9450, where there are 2 fibo-levels, 50% and 138.2%.
As we can see at the H1 chart, the pair is about 100 pips away from its first target. Most likely, the price will rebound from the target area in the future and start a correction. One more target is the 1 line of the fibo-channel.
RoboForex Analytical Department