Analysis for May 12th, 2016
EUR USD, “Euro vs US Dollar”
Quite soon, the market may reach the closest group of fibo-levels at 1.1310. In case it rebounds from this area, the pair may start a new ascending correction. However, if this area is broken, the price will continue falling.
At the H1 chart, the correction faced resistance from the retracement of 61.8%. The downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the price may break its local low.
EUR GBP, “Euro vs Great Britain Pound”
Europound has already rebounded from the retracement of 38.2% three times, which means that it may resume moving upwards. The closest target for bulls is the group of fibo-levels at 0.7970.
As we can see at the H1 chart, there are several additional local fibo-levels at 0.7970, which make this area even more important. On Thursday, Europound may resume growing and, as a result, break the maximum.
RoboForex Analytical Department