Fibonacci Retracements Analysis 04.02.2014 (EUR/USD, USD/CHF)

04.02.2014

Analysis for February 4th, 2014

EUR USD, “Euro vs US Dollar”

Euro is moving close level of 61.8%. If later price is able to stay above this level, pair may start new ascending movement towards upper fibo-levels. Otherwise, current correction may continue towards level of 78.6%.



At H1 chart we can see, that market is still moving inside lower target area; price rebounded from its lower border right inside temporary fibo-zone. I’ll move stop on my order into the black right after pair reaches new local maximum.



USD CHF, “US Dollar vs Swiss Franc”

Franc rebounded from level of 61.8%, which means that market may start new descending movement. I’m keeping my sell order so far, although right now I’m in a drawdown. Main target is still below previous minimum.



As we can see at H1 chart, local correction reached level of 61.8%. Right now, market is entering temporary fibo-zone, which means that price may reverse downwards.



 
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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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