Analysis for May 29th, 2015
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the correction continues. Possibly, during the day the price may try to test retracement 50%. If the pair rebounds from it, the market may start a new descending movement.
As we can see at the H1 chart, the lower targets are confirmed by local retracements. I opened a sell order when the price rebounded from the upper fibo-levels. I’m planning to move the stop loss on my sell order to breakeven as soon as the market starts falling.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still being corrected, but in the nearest future the pair may resume moving downwards. The closest target is still the group of lower fibo-levels at 0.6975. Just as I planned, during the correction I opened one more sell order.
As we can see at the H1 chart, the price has reached retracement 61.8%. Probably, in the future the pair may break yesterday’s low and resume falling towards the lower targets, which are confirmed by local retracements.
RoboForex Analytical Department