Analysis for May 26th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has successfully reached the target area and in the future may start a correction. The first target is at retracement 38.2%. If later the pair rebounds from it, the market may resume moving downwards.
As we can see at the H1 chart, the target of the current correction is confirmed by local retracements. The take profit on my sell order opened earlier has worked. My future trading activity depends on how the price will move at a correctional retracement 38.2%.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues falling, but in the nearest future, it may form a correction. The closest target is still the group of lower fibo-levels at 0.6975. I’ve got only one sell order so far and plan to increase my position during the pullback upwards. .
As we can see at the H1 chart, the target of this short-term correction is at retracement 61.8%. Probably, later the price may rebound from it and resume falling towards the lower targets, which are confirmed by local retracements.
RoboForex Analytical Department