Analysis for June 6th, 2013
The pair is still being corrected. Most likely, Euro will reach the level of 78.6% during the next several hours. In addition to that, near this level there are several fibo-levels together with the 1.618 line from the fibo-channel, which make this area even more important. If the pair rebounds from it, the price will start a new descending movement.
At the H1 chart, we can see that there is one more fibo-level in the area, where this correction may finish. More to that, according to the analysis of the temporary fibo-zones, the targets may be reached within the next several hours. I’m planning to open some sell orders after the price rebounds from the level of 78.6%.
It looks like the correction may finish quite soon. The price is already moving close to the several fibo-levels; however, it may yet fall down a little bit towards the level of 78.6% and the 1 line from the fibo-channel.
At the H1 chart, the pair is still consolidating. However, the bears may try to test the minimums once again, that’s why I’m planning to open some buy orders only after the price rebounds from the current levels.
RoboForex Analytical Department