Chart Watch – EURCZK Updated Forecast 15 November 2013

EUR/CZK – Monthly Chart

Is heading towards the 2006 low at 27.41 and the 61.8% Fibonacci retracement at 27.48

EUR/CZK’s rally is ongoing with it having risen above the 27.00/10 resistance area where the 38.2% Fibonacci retracement of the 2008-2009 rally and the June 2009 high can be seen.

We thus have to allow for the 2006 low at 27.41 and for the 61.8% Fibonacci retracement of the 2009-2011 decline at 27.48 to be reached.

In this resistance zone we will expect the currency pair to stall.

Should this not be the case, the March 2007 low at 27.61 will be another potential upside target.

Support below the minor psychological 27.00 level is seen around the 26.62 October 2009 high and also in the 26.29/28 zone where the 50% retracement of the 2008- 2009 advance and the May 2010 high meet.

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