Analysis for October 4th, 2013
Yesterday the EUR/USD currency pair reached its main target at the level of 78.6% and right now is trying to rebounds from it. We can’t exclude a possibility that in the nearest future the price may start falling down towards the local correctional level of 38.2%.
At the H1 chart we can see, the price reach the level of 78.6% inside one of the temporary fibo-zones, which makes the possibility of a reverse and a new correction even stronger. If the pair breaks the latest local minimum, it will be one more sign of the tendency change.
Franc rebounded from the target levels again. There is a possibility that the price is starting an ascending correction. The target for the next several weeks is at the level of 38.2%.
At the H1 chart, the temporary fibo-zone indicated the exact moment when the price tested the target area. We can’t exclude a possibility that the pair made a reverse. If the price start a new bullish tendency, I’ll open several buy orders.
RoboForex Analytical Department