Analysis for April 7th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 38.2%, Eurodollar has updated its previous maximum. Later, after completing the local correction, the price may continue moving upwards to reach the group of fibo-levels at 1.1520 – 1.1510.
At the H1 chart, the closest target of the intraday correction is at the retracement of 78.6%. If the market rebounds from it, the pair will start another ascending movement and break its local high.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached its targets and right now continues growing. After finishing the local correction, the pair may continue moving upwards to reach the group of upper fibo-levels at 0.8180 – 0.8165. If later the market rebounds from this area downwards, it may start a new correction.
At the H1 chart, the pair may test the retracement of 38.2% during the day. If it rebounds from this level, the market may resume its growth and reach a new local high. However, if this level is broken, the current correction may continue.
RoboForex Analytical Department