Analysis for May 5th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the predicted target of the correction and may start moving upwards very soon. At the same time, in the nearest future the market may test the group of reached fibo-levels once again.
As we can see at the H1 chart, the target area of the current correction is confirmed by local retracements. It’s highly likely that during the day the market may reach a new low and then attempt to resume its growth.
EUR GBP, “Euro vs Great Britain Pound”
Europound is also being corrected and trying to find support from the closest group of retracements. If the price rebounds upwards from this area, it will resume growing to reach its upside targets.
At the H1 chart, the closest target of the current correction is at the retracement of 61.8%. It’s highly likely that during the day the price may attempt to rebound from it. If it happens, the market may start a new ascending movement.
RoboForex Analytical Department