Analysis for September 3rd, 2013
The EUR/USD currency pair is trying to stay below the level of 38.2%. I’ve move the stop on my first sell order to a local maximum and opened one more order. The target is still in the area formed by the levels of 138.2% and 50%.
At the H1 chart, according to the analysis of the temporary fibo-zones, the predicted targets may be reached during the day. Moreover, the bears may face the resistance from the 1 line of the fibo-channel. If the pair rebounds from these levels, the market may start a new correction.
Franc reach the target area; Take Profit on my buy order worked. Considering that the market is rebounding from the upper levels, the price ay start a correction. Right now, I’m staying out of the market.
At the H1 chart we can see, that the price reached its target. Most likely, the market will be corrected during the next several days. The first target for the bears is at the level of 38.2%.
RoboForex Analytical Department