Fibonacci Retracements Analysis 21.11.2014 (EUR/USD, USD/CHF)


Analysis for November 21st, 2014

EUR USD, “Euro vs US Dollar”

After rebounding twice from local retracements, Eurodollar made a fast descending movement, thus allowing me to move the stop loss of my sell order to breakeven. The target is still the group of lower fibo-levels. After reaching them, the pair may start a new correction.

As we can see at the H1 chart, bears have been also supported by several local retracements. Moreover, the market has rebounded from an intraday retracement 78.6%. In the near term, the pair is expected to continue moving towards the group of lower fibo-levels at 1.2180 – 1.2200.

USD CHF, “US Dollar vs Swiss Franc”

After rebounding from correctional retracements several times, Franc was able to resume moving upwards. The target is still the group of upper fibo-levels. I’ve moved all my stop losses to a local maximum.

As we can see at the H1 chart, the market rebounded from correctional retracements several times during this week, and finally started growing. If the price continue growing, I’m planning to move the stop loss after the market. The pair may break the maximum during the next several days.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.