Analysis for June 1st, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the correction continue. Bulls face resistance from the retracement of 23.6% and the Moving Average 21. Consequently, the market may resume falling towards its downside targets at 1.1075.
At the H1 chart, the downside targets are confirmed by local fibo-levels. If the price rebounds from the correctional retracement of 50% during the day, the market will resume moving downwards.
EUR GBP, “Euro vs Great Britain Pound”
The pair is back to growing. The price didn’t manage to reach the correctional retracement of 50% and has already been able to stay above the retracement of 38.2%, which means that it may continue moving upwards. The closest target is the retracement of 23.6% at 0.7850.
At the H1 chart, the upside targets are confirmed by intraday fibo-levels. After finishing the local correction, Europound may continue growing. If the pair rebounds from these fibo-levels, it may start a new correction.
RoboForex Analytical Department