Fibonacci Retracements Analysis 26.11.2013 (EUR/USD, USD/CHF)
26.11.2013
Analysis for November 26th, 2013
EUR/USD
Eurodollar is still moving very close to correctional level of 50%. If bears rebound from it for the third time, pair will start new descending movement towards lower area, where there are several fibo-levels.
As we can see at H1 chart, earlier pair rebounded from level of 50% right inside one of temporary fibo-zones. Current local correction has already reached level of 78.6%, right now pair is to rebound from it. I’m planning to increase my short position as soon as price breaks yesterday’s local minimum.
USD/CHF
After making fast ascending movement, which started after rebound from level of 50%, Franc started new correction. I opened short-term buy order with stop placed at local minimum. Pair may break yesterday’s maximum during the day.
At H1 chart, we can see that pair rebounded from levels 50% inside temporary fibo-zone. Most likely, right now pair is starting new ascending movement and may reach upper fibo-levels quite soon. Later, these levels may become starting point of new and more serious correction.
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