Analysis for May 12th, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the local group of fibo-levels, Eurodollar has started falling. The closest target is at correctional retracement 38.2%. If later the price breaks it, the descending correction may become much deeper.
As we can see at the H1 chart, the target of the current descending movement (at 1.1050) is confirmed by local retracements. If the price rebounds from this area, it may start a short-term correction. I’ve got only one sell order; I’m planning to move the stop loss to breakeven when the market breaks the minimum.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the group of upper fibo-level, Europound has started falling very fast. Yesterday I opened a sell order and later, during the local correction, added one more. In the nearest future, the pair is expected to continue falling towards 0.6975. If later the price rebounds from it, the market may start a new local correction.
As we can see at the H1 chart, the local correction has already reached retracement 23.6%. The lower target area is confirmed by local retracements. Probably, the pair may continue falling during Tuesday.
RoboForex Analytical Department