Analysis for May 6th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the local correction is taking place, which may be followed by a descending movement towards the closest group of fibo-levels at 1.1360. if the price breaks this target area, the market may continue falling much faster.
![](https://www.roboforex.ru/files/forecasts/may2016/6/Image20160506143936001.png)
As we can see at the H1 chart, the downside targets are confirmed by local retracements. It’s highly likely that during the day the market may reach a new low. If the price rebounds from the group of downside fibo-levels, the pair may start an ascending correction.
![](https://www.roboforex.ru/files/forecasts/may2016/6/Image20160506143936002.png)
EUR GBP, “Euro vs Great Britain Pound”
It looks like the correction is getting deeper than it was expected earlier. The closest target for bears is the retracement of 50% and fibo-levels surrounding it. If the price rebounds from this area, Europound will resume growing.
![](https://www.roboforex.ru/files/forecasts/may2016/6/Image20160506143936003.png)
At the H1 chart, the closest downside targets are confirmed by intraday fibo-level. Possibly, by the end of today’s trading session the price will have reached a new low and the above-mentioned targets.
RoboForex Analytical Department