Analysis for September 13th, 2013
The EUR/USD currency pair is still being corrected. Yesterday the price rebounded from the level of 61.8% once again, but couldn’t make a reverse. We can’t exclude a possibility that in the future the price may move upwards and reach the level of 78.6%.
At the H1 chart, the bears couldn’t continue pushing the price downwards inside the temporary fibo-zone and the pair started growing up again. We can see four fibo-levels inside the target area, that’s why there is a possibility that the price may rebound from it and start a new correction.
In case of Franc, I’m keeping my sell order. There is a possibility that the current correction may continue up to the level of 78.6%. Otherwise, I’m planning to open a buy order if the price stays above the level of 23.6%.
As we can see at the H1 chart, the temporary fibo-zones indicated the exact point of a local reverse. The target area is formed by three fibo-levels and we can’t exclude a possibility that the area may become a starting point of a new, deeper ascending correction.
RoboForex Analytical Department