Analysis for May 9th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded fast from the correctional retracement of 38.2%, which means that it may start a new decline. The closest target is at the group of fibo-levels at 1.1310. It’s highly likely that on Monday the market may reach a new local low.
At the H1 chart, the local correction faced resistance from the retracements of 61.8%. In the nearest future, the market may reach its closest target area at 1.1365 and then start a new local correction. However, if the price break this area, the pair may continue falling.
EUR GBP, “Euro vs Great Britain Pound”
Europound is also being corrected, however, the main target is still at the closest group of fibo-levels. It looks like the pair may reach the target area at 0.7840 next week. The future scenario directly depends on how the price will move at this level. If the pair breaks it, the market will continue falling; if rebounds from it upwards – start a new bullish movement.
At the H1 chart, Europound has rebounded from the correctional retracement of 61.8% and the levels surrounding it. That’s why the price may resume falling towards its downside targets at the beginning of the week.
RoboForex Analytical Department