Analysis for May 4th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the group of upside fibo-levels and started a correction after all. Consequently, in the nearest future the market may move towards the retracement of 50%. If later the pair rebounds from this level, the price may resume growing.
As we can see at the H1 chart, the closest target of the current correction at the retracement of 50% is confirmed by intraday fibo-levels. On Wednesday, the market may continue falling and break its local low.
EUR GBP, “Euro vs Great Britain Pound”
Europound has managed to stay above the group of intermediate retracements; the correction continues. During the local correction, I opened a buy order with the target at the closest group of fibo-levels.
At the H1 chart, the upside targets are confirmed by local fibo-levels. Probably, on Wednesday, the price may resume moving upwards and break its local high. We should note that if the market breaks the upside levels, it may continue moving upwards much faster.
RoboForex Analytical Department