Analysis for August 6th, 2013
Euro is still consolidating. The price couldn’t break the level of 78.6% again. The target for the next several days is in the area between the levels of 161.8% and 38.2%.
At the H1 chart, the temporary fibo-zones indicated the exact point of a reverse. A local correction reached the level of 61.8% and rebounded from it. The first target for the bears will be at the level of 100% (fibo-extension).
Franc is testing the level of 78.6% again. If the bulls are able to rebound from this level, the pair will start a correction, at least, and then may break a local maximum.
At the H1 chart, the pair reached the level of 78.6%. Earlier, the temporary fibo-zones indicated the exact point where the previous descending movement was finished. The short-term target is the area between the levels of 38.2% and 100%.
RoboForex Analytical Department