Analysis for November 20th, 2013
Eurodollar reached local correctional level of 50% and right now is trying to rebound from it. I’m staying out of the market so far, because this ascending movement may yet continue. I’ve moved my pending sell order higher and placed it near latest local minimum.
As we can see at H1 chart, pair rebounded from 50%, therefore, it may reverse downwards quite soon. Target for bears is still in lower area, where there are several fibo-levels.
Franc did break local level of 38.2%, but was a bit shy to reach 50%. If price is able to stay above 38.2%, pair will start new ascending movement. My pending buy order is placed near latest maximum.
At H1 chart we can see that pair reached temporary fibo-zone, therefore, it may reverse in the nearest future. However, in order to start opening buy orders it’s better to wait until bulls are back to the market, because current correction may yet continue.
RoboForex Analytical Department