Fibonacci Retracements Analysis 11.11.2013 (EUR/USD, USD/CHF)
11.11.2013
Analysis for November 11th, 2013
EUR/USD
Correction is still taking place. New target is in the area formed near level of 78.6% (extension from descending movement over the period from October 25th – November 4th). Possibly, Euro may break local minimum during the day.
As we can see at the H1 chart, there are four fibo-level inside target area. According to the analysis of the temporary fibo-zones, pair may reach its predicted levels during Monday and later start new correction from lower levels.
USD/CHF
Franc is also being corrected. Probably, bulls may reach new maximum during the day and then continue pushing price upwards. Upper target area is formed by three fibo-levels. During local correction, I opened short-term buy order.
At the H1 chart, we can see one more fibo-level, 138.2%, inside target area. According to the analysis of the temporary fibo-zones, pair may reach its targets during the day. I’ll move stop into the black as soon as price breaks maximum.
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