Analysis for April 6th, 2016
EUR USD, “Euro vs US Dollar”
continues. It’s highly likely that during the day the price may test the closest group of fibo-levels at 1.1320 – 1.1305. The future scenario depends on how the pair will move in this area. If it pair rebounds from this area upwards, the uptrend will continue. However, if the price breaks this area and stays below it, the market will continue moving downwards.
At the H1 chart, the predicted target of the current correction is at the retracement of 50%. Moreover, the surrounding local retracements make this level even more important. If the market rebounds from this area, the pair will start another ascending movement.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached the group of upper fibo-levels. Consequently, now it may start a new descending correction. The closest target is at the group of lower fibo-levels close to the correctional retracement of 23.6%.
As we can see at the H1 chart, the pair is attempting to rebound from several local retracements and, thus, may start a new correction. If the pair breaks the retracement of 23.6%, the correction may become much deeper and reach the retracement of 38.2%.
RoboForex Analytical Department