Analysis for May 30th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected, but the downside targets remain the same. It’s highly likely that the pair may break its local low very soon. Later, after rebounding from the group of downside retracements at 1.1070, the market may start a new correction.
At the H1 chart, the target of the current correction is the retracement of 38.2%. If the price breaks it, the pair may move towards its next target at the retracement of 50%. If the market rebounds from one of these levels, it may resume falling and break the minimum.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the group of local fibo-levels, Europound started a new correction as well. In the future, the price may resume falling towards its downside targets at 0.7410. If the pair rebounds from this area, the market may start a more serious ascending correction.
At the H1 chart, the target of the correction is at the retracements of 50%. If the price rebounds from it, the pair may resume falling. The downside targets are confirmed by local fibo-levels.
RoboForex Analytical Department