Monthly Analysis for January 2016
EUR USD, “Euro vs US Dollar”
At the daily chart, Eurodollar is being corrected. In the nearest future, the price may fall towards the local retracement of 61.8%. If the pair rebounds from it upwards, the market may resume the correction with the target near the group of retracements at 1.1100.
As we can see at the H4 chart, Eurodollar has rebounded from the group of upper fibo-levels, which means that it may start falling. The target is the area at 1.0730. It’s highly likely that in January the market may reach a new local low.
EUR GBP, “Euro vs Great Britain Pound”
Europound may yet continue moving upwards, but in January, it is expected to start a new local correction, which may be followed by a further growth. The target is the group of fibo-levels 0.7630.
At the H4 chart, the closest downside target is confirmed by local retracements. Yesterday, the price rebounded from the group of upper fibo-levels, which means that it may start a short-term decline at least.
RoboForex Analytical Department