Analysis for April 10th, 2013
The EUR/USD currency pair reached the level of 38.2%, just as we expected. If the price rebounds from it, the market may start a new descending trend or a correction, at least. As soon as the pair starts moving downwards, I’ll move the stops on my orders into the black.
According to the analysis of temporary time zones, we may assume that the correction finished at the current levels. The pair is rebounding from the 38.2% level. If the price breaks a local minimum, the bears will become more dominant at the market.
The market is just several pips away from the 50% level. If later the price rebounds from it, the pair may start a new ascending movement. After Take Profits on my sell orders work, I’ll consider opening some long positions. I’ve already placed a pending buy order.
Analysis of temporary fibo-zones indicates that the price may rebound from the 50% level during the next several hours. If it happens, I’m planning to increase my long positions, because it looks like the an ascending movement is going to be very strong.
RoboForex Analytical Department