Analysis for November 21st, 2013
Just as we expected, after rebounding from local correctional level of 50%, Euro started falling down again. In the near term, slight pullback may take place, during which I’m planning to increase my short position. Target is still in lower area, where there are several fibo-levels.
As we can see at H1 chart, pair rebounded from 50% right inside one of temporary fibo-zones and reversed downwards. Most likely, during the next several hours pair will start local correction, but it’s not expected to be more than 23.6% - 38.2% of current decline.
Franc couldn’t stay below level of 38.2% for a long time; my pending buy order worked and I’m planning to open one more buy order during possible correction. Target is in upper area, where we can see several fibo-levels.
At H1 chart, we can see that pair reached temporary fibo-zone and reversed. Most likely, in the nearest future local correction will take place, after which market may form fibo-extension in order to define future targets.
RoboForex Analytical Department