Analysis for June 21st, 2016
EUR USD, “Euro vs US Dollar”
It’s still highly likely that Eurodollar may test the correctional retracement of 61.8% again. If the price rebounds from this level for the second time, the market may resume falling towards the group of downside retracements.
As we can see at the H1 chart, the price was just several pips shy to reach the correctional retracement of 38.2%, and it rebounded from the group of local fibo-levels upwards. It’s highly likely that on Tuesday the market may break yesterday’s high.
EUR GBP, “Euro vs Great Britain Pound”
Europound has easily broken the retracement of 61.8% and may continue the descending correction. If later the pair rebounds from the retracement of 78.6%, the market may start a new ascending movement.
At the H1 chart, the correctional retracement of 78.6% is confirmed by intraday fibo-levels. If later the price rebounds from this target area, Europound may resume growing towards its previous high. However, if this level is broken, the market will continue falling much deeper.
RoboForex Analytical Department