Analysis for June 4th, 2015
EUR USD, “Euro vs US Dollar”
Probably, the current ascending correction may become deeper than we expected and continue towards the group of upper fibo-levels at 1.1540. During the local correction, I opened a short-term buy order with the stop loss placed at the previous local high.
As we can see at the H1 chart, the predicted targets of the current ascending correction are confirmed by local retracements. I’m planning to move the stop loss on my current order to breakeven as soon as the price starts moving upwards.
EUR GBP, “Euro vs Great Britain Pound”
Europound is also back to growing. During the correction, I opened a buy order with the target at the group of upper fibo-levels close to 0.7520. If later the pair rebounds from this area, the market will resume moving downwards.
As we can see at the H1 chart, there are several local retracements in the area, where the price may complete the current correction. I’m planning to move the stop loss on my current order to breakeven as soon as the pair resumes growing.
RoboForex Analytical Department