Analysis for September 17th, 2013
Just as we expected, the EUR/USD currency pair reached the level of 78.6% and rebounded from it. The market started moving downwards and may continue falling down even after completing a local correction. The first target for the bears will be the level of 23.6%.
At the H1 chart we can see, that the temporary fibo-zones indicated the exact moment when the price made a reverse. During a local correction, I opened a sell order with the stop placed at the latest maximum. I’m planning to increase my position as the market continues moving downwards.
Franc also reached the level of 78.6% and two additional fibo-levels of 78.6% and 200%. It looks like the price is going to eliminate yesterday’s gap. A local target for the bulls is at the level of 50%.
As we can see at the H1 chart, the temporary fibo-zones indicate a possibility that the price made a reverse. If the bulls are strong enough, they may continue pushing the price upwards to reach the level of 38.2% (it’s almost the same as the level of 50% from the H4 chart).
RoboForex Analytical Department