Analysis for June 3rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar was just several pips shy to reach the correctional retracement of 38.2%. It’s highly likely that the price is resuming its decline. The closest target for bears is the group of fibo-levels at 1.0965.
At the H1 chart, the target area, where the correction completed yesterday, is confirmed by local fibo-levels as well. In the nearest future, the market may continue falling towards the downside target area, which is confirmed by intraday retracements.
EUR GBP, “Euro vs Great Britain Pound”
It looks like Europound is back to growing. The pair 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 closest target of the current correction is the retracement of 38.2%. If the pair rebounds from this level, it may resume moving upwards and reach the upside target area.
RoboForex Analytical Department