Analysis for April 16th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. In the near term, the pair is expected to rebound from retracement 38.2%. In this case, the downtrend may resume. The target is still the group of lower fibo-levels close to 1.0220.
As we can see at the H1 chart, the target area of the current correction is confirmed by local retracements. When the pair rebounds from them, I’m planning to move the stop loss on my current order to the level where it was opened. Later I’m planning to increase my position.
EUR GBP, “Euro vs Great Britain Pound”
Possibly, Euro pound may continue falling up to the next group of fibo-levels at 0.7095. After reaching them, the pair may start a larger correction. Probably, in the nearest future the market may reach several new lows.
As we can see at the H1 chart, the predicted target of the current descending movement is confirmed by local retracements. Possibly, the market may rebound from this area upwards and start a correction. However, the door swings both ways – if bears break it, they will continue pushing the market towards new lows.
RoboForex Analytical Department