Analysis for May 13th, 2015
EUR USD, “Euro vs US Dollar”
After rebounding from the group of upper fibo-levels, Eurodollar has started falling. The closest target is at correctional retracement 38.2%. Most likely, after completing its local correction, the price may resume moving towards the above-mentioned target.
As we can see at the H1 chart, the target of the current descending movement (at 1.1050) is confirmed by local retracements. The price may reach a correctional retracement 61.8% during Wednesday: I’m planning to open a sell order when the market rebounds from this level.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the group of upper fibo-levels, Europound has started falling very fast. Earlier, 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, yesterday the local correction reached retracement 50%. The lower target area is confirmed by local retracements. Probably, the pair may continue falling during Wednesday.
RoboForex Analytical Department