Analysis for October 24th, 2013
The bulls continue pushing Euro towards new maximums. They haven’t been able to keep the price above the level of 61.8% so far, but as soon as they succeed, the market will continue growing up towards the level of 78.6%.
At the H1 chart, after completing the correction (which was 38.2%), the pair broke the maximum. According to the analysis of the temporary fibo-zones, the upper target levels may be reached during the day. The stop on my short-term buy order is already in the black.
Franc is falling down quite fast. The stop on my yesterday’s sell order is already in the black. If the price rebounds from the level of 61.8%, the market will start a deeper correction.
At the H1 chart, market got very close to the one of the temporary fibo-zones. Most likely, the bears will reach their target s during the day. Later the pair is expected to rebound from the target levels and make a local reverse upwards.
RoboForex Analytical Department