Analysis for May 14th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is back to growing. Possibly, during the next several days the pair may continue growing towards the group of upper fibo-levels at 1.1745. If later it rebounds from this target area, the market may start a correction.
As we can see at the H1 chart, the updated upper targets are confirmed by local retracements. During the correction, I opened a buy order with the stop loss at the previous low. I’m planning to close the order when the market reaches the predicted target area.
EUR GBP, “Euro vs Great Britain Pound”
Europound has started a correction. Probably, during the day the pair may rebound from retracement 38.2%. in this case, the marker will resume falling towards the group of fibo-levels at 0.6975.
As we can see at the H1 chart, there are several retracements in the area where the price may complete the current correction. We should note that if the pair rebounds from retracement 38.2%, the market may start a deeper pullback upwards to reach retracements 50% and 61.8%.
RoboForex Analytical Department