Analysis for October 11th, 2013
Euro is being corrected. However, the pair may start a new descending movement quite soon, because the main target is still at the level of 38.2%. If the market breaks this level, the bears will continue pushing the price downwards.
At the H1 chart, the pair has reached the trend line and the current correction reached the level of 78.6%, if the price rebounds from these levels, the pair will start a new descending movement and break the latest minimum.
After rebounding twice from the lower levels, Franc started a new ascending movement Franc. We can’t exclude a possibility that after completing a local correction, the price will start moving upwards and reach the level of 38.2%. If later the pair breaks it, the price will continue growing up.
At the H1 chart, a local correction reached the level of 50%. If the market rebounds from it, the pair will start a new ascending movement and break the maximum, thus moving closer to the predicted targets.
RoboForex Analytical Department