Analysis for February 3rd, 2014
Euro broke both levels of 61.8%, but still may return and move above them. If it happens, pair will start new ascending movement. Otherwise, current correction may continue towards level of 78.6%.
At H1 chart we can see, that market is moving inside target area; price rebounded from its lower border right inside temporary fibo-zone. During the day, pair is expected to move upwards, that’s why I opened quite a risky buy order with tight stop.
Franc rebounded from level of 61.8%, which means that current correction is over. I’m keeping my sell order, although right now I’m in a drawdown. If pair continues falling down, I may increase my position.
As we can see at H1 chart, price rebounded from level of 61.8% right inside temporary fibo-zone. If later price is able to stay below level of 50%, bears will return to the market.
RoboForex Analytical Department