Analysis for August 23rd, 2013
Yesterday Euro rebounded from the local correctional level of 61.8%. It looks like the pair is starting a new ascending movement. The short-term target is in the area formed by the levels of 161.8%, 78.6%, and 50%.
At the H1 chart we can see, that the temporary fibo-zones indicated the exact point where the price completed a descending correction. I’ve got only one buy order so far, but later I’m planning to increase my position. The pair may break the maximum during the next several hours.
On Thursday, Franc rebounded from the level of 50%; it looks like the bears are back and may start pushing the price downwards quite soon. The target is in the area formed by the levels of 138.2%, 161.8%, and 61.8%.
As we can see at the H1 chart, the temporary fibo-zones indicated the exact moment when the price made a local reverse. Now the target is inside the next temporary zone. The bears may reach the level of 0.9050 in the beginning of the next week.
RoboForex Analytical Department