Analysis for April 20th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday Eurodollar rebounded from the correctional retracement of 61.8% and may start a new local growth. The target is still at the group of the downside retracements. If the price breaks the retracement of 38.2% and stays below it, bears will return to the market.
At the H1 chart, the pair has rebounded from the retracement of 61.8% and several intraday levels as well. On Wednesday, the market may fall towards the retracement of 38.2%. If this level is broken, the pair will continue falling much deeper.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached the group of downside retracements specified earlier. In the nearest future, the market may start an ascending correction. The first target for bulls is at the retracement of 23.6%. If the pair breaks it, the market may start a deeper correction.
As we can see at the H1 chart, the pair has almost rebounded from the retracement of 78.6% twice. It’s highly likely that on Wednesday may move upwards a bit and break the maximum reached yesterday. The future scenario depends on how the pair will move at the retracement of 23.6%.
RoboForex Analytical Department