Fibonacci Retracements Analysis 21.05.2014 (EUR/USD, USD/CHF)

21.05.2014

Analysis for May 21st, 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, current down-trend may continue.



As we can see at H1 chart, yesterday market rebounded from level of 61.8% (1.3680) right inside temporary fibo-zone. Possibly, price may break maximum during the day. Also, we should note that if bulls are able to break level of 38.2% (1.3780), correction may become much deeper.




USD CHF, “US Dollar vs Swiss Franc”

Franc is also still being corrected. Most likely, during the next several days descending movement will continue; its target is at level of 38.2% (0.8860). I’ve already moved stop on my yesterday’s order into the black.



Yesterday, price completed correction between levels of 61.8 % and 78.6% inside temporary fibo-zone. Most likely, during the next several days pair will continue falling down towards level of 38.2% (0.8860).



 
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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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