Analysis for September 19th, 2013
The EUR/USD currency pair started a fast ascending movement. By now, the price has already reached one of its intermediate targets, thus increasing the possibility of a new correction. After that, the instrument is expected to continue growing up towards the target area formed by the levels of 78.6%, 138.2%, and 161.8%.
After making a fast ascending movement yesterday, the pair may start a sideways correction, at least. According to the analysis of the temporary fibo-zones, the predicted targets may be reached by the end of the week.
< The bears returned to the market and the price fell down. It looks like this descending movement towards the levels of 78.6%, 138.2%, and 161.8% is not over and may continue after a local correction.
As we can see at the H1 chart, the pair started moving inside flat
. The correction may continue during the day, but on Friday the pair may start falling down again. We can’t exclude a possibility that the price may reach the targets until the week ends.
RoboForex Analytical Department