Analysis for May 3rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has successfully reached the target area near the group of upside fibo-levels, which means that it may start a local correction. However, later the pair may continue growing towards the next group of retracements at 1.1715.
As we can see at the H1 chart, the target area reached by the price is confirmed by local fibo-levels. The current correction is unlikely to take much time, this is why the market may break yesterday’s high during the day.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached the group of intermediate retracements, which means that the pair may start a new local correction. However, quite soon the market may start another ascending movement towards the targets at 0.7880 – 0.7860.
At the H1 chart, the upside targets are confirmed by local fibo-levels. Probably, on Tuesday, the price may be corrected for a while, but later it is expected to continue moving upwards.
RoboForex Analytical Department