Fibonacci Retracements Analysis 03.02.2014 (EUR/USD, USD/CHF)

03.02.2014

Analysis for February 3rd, 2014

EUR/USD

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.



USD/CHF

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.


 
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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.

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