Analysis for May 23rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected; the bearish tendency continues. The target is still at the group of fibo-levels at 1.1130. It’s highly likely that on Monday the price resume falling to reach its downside targets.
At the H1 chart, the local correction faced resistance from the retracement of 38.2%, from which the pair is trying to rebound. If bears keep the price under this level, the market will resume falling towards the target area at 1.1130, which is confirmed by intraday fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
At the H4 chart, Europound has broken the retracement of 38.2% and been able to stay above it, which means that the pair may resume moving upwards. It’s highly likely that in the nearest future the market may move towards the closet group of retracements at 0.7800.
At the H1 chart, the closest target (0.7800) is confirmed by local fibo-levels as well. In the nearest future, the market may complete the local correction and resume its descending movement started at the end of the last week. As a result, on Monday Europound may break the previous high.
RoboForex Analytical Department
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