Fibonacci Retracements Analysis 20.05.2014 (EUR/USD, USD/CHF)

20.05.2014

Analysis for May 20th, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is still being corrected; target is still at local level of 38.2% (1.3780), where I placed limit sell order. If later price rebounds from it, pair may start new descending movement.



As we can see at H1 chart, market is moving inside temporary fibo-zone. Considering that local correction reached level 61.8% (1.3680), price may rebound from it and start growing up towards main target. We should note, that if bulls are able to break level of 38.2% (1.3780), pullback upwards may be more significant.




USD CHF, “US Dollar vs Swiss Franc”

Franc is reversing. Most likely, during the next several days descending correction will continue; its target is at level of 38.2% (0.8860). During current consolidation, I opened sell order with target placed at above-mentioned level.



At H1 chart, price has almost reached level of 78.6%. Considering that market is moving inside temporary fibo-zone, price may rebound from current levels during the next several hours. If later pair rebounds from level of 38.2%, I’ll close my sell order and open buy one.



 
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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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