Analysis for June 8th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the target of the current ascending movement is still the retracement of 61.8%. It’s highly likely that in the nearest future the price may test this level. If the pair rebounds from it, the market may start a descending correction.
At the H1 chart, Eurodollar is still consolidating. Possibly, during the day bulls may attempt to break the local high and reach the upside target area at 1.1420, which is confirmed by intraday fibo-levels.
EUR GBP, “Euro vs Great Britain Pound”
It’s highly likely that the correction, which started on Monday, may yet continue. The closest target for bears is the retracement of 50%. If the price rebounds from this level, the pair may resume growing to reach the group of upside fibo-levels at 0.7935.
At the H1 chart, the local target for the current short-term correction is the retracement of 61.8%. It’s highly likely that on Wednesday Europound may test this level. If the price rebounds from it, the descending correction may continue and reach the retracement of 50%.
RoboForex Analytical Department