EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the ascending correction continues. The price is testing the retracement of 61.8%. If the pair rebounds from this level, the market may start a new descending movement.
As we can see at the H1 chart, the target area reached by the pair is confirmed by local fibo-levels. Consequently, in the nearest future the market may fall towards the group of fibo-levels at 1.0700.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair is testing the retracement of 50%. If the price rebounds from this level, the market may resume moving downwards and break the local low. The closest target for bears is the area at 0.8185.
We should note that if the price breaks the correctional retracement of 50%, it may soon test the one of 61.8%. The downside targets are confirmed by intraday fibo-levels.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.