Analysis for August 27th, 2013
Euro is still being corrected; the pair may start a new ascending movement at any moment. Later, the price is expected to break the latest maximums and reach the target area, formed by the levels of 161.8%, 78.6%, and 50%.
At the H1 chart we can see, that after rebounding from the local correctional level, the market started moving upwards again. According to the analysis of the temporary fibo-zones, the pair may start a new ascending movement during the next several hours.
Franc is also being corrected. Earlier the price rebounded from the correctional level of 50%. It looks like the bears are going to break a local minimum and reach the target area formed by the levels of 138.2%, 161.8%, and 61.8%.
According to the analysis of the temporary fibo-zones, the price may complete the current consolidation quite soon and start a new descending movement. We can’t exclude a possibility that the pair may break a local minimum during the day.
RoboForex Analytical Department