Analysis for January 18th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of local retracements and started a new descending correction. The closest target for bears is the area at 1.0810 – 1.0790. If the price breaks this area, the market may continue falling much deeper.
As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. It’s highly likely that on Monday the price may reach a new local low.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues its fast ascending movement. The upside target is the area at 0.7770. If the price is able to rebound from local correctional retracements, the market will reach a new high quite soon.
At the H1 chart, the group of local retracements is confirmed by several additional fibo-level. However, if Europound breaks this area and stays below it, the market may start a descending correction.
RoboForex Analytical Department