Analysis for June 6th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the correction continues. It’s highly likely that in the nearest future the market may test the retracement of 61.8%. If the price rebounds from it, the pair may start a new local descending correction.
At the H1 chart, the price is being corrected as well. On Monday, Eurodollar may test the local retracement of 23.6%. If the pair rebounds from this level, it may resume growing and break the previous high.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still growing fast. The closest target for bulls is the group of fibo-levels at 0.7935. If this area provides resistance, the pair may start a new descending correction.
At the H1 chart, Europound may test the correctional retracement of 38.2% during the day. If the pair rebounds from this level, the market may resume moving upwards, break the previous high, and reach the group of upside fibo-levels.
RoboForex Analytical Department
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