Analysis for June 9th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar reached the correctional retracement of 61.8%, but bulls couldn’t break it. As a result, the price may resume falling to reach the target, which is the group of downside fibo-levels at 1.0970.
At the H1 chart, Eurodollar has rebounded from the upside target area, which was confirmed by local fibo-levels. Later, the pair may continue falling towards the closest group of fibo-levels near the retracement of 61.8% at 1.1230.
EUR GBP, “Euro vs Great Britain Pound”
It’s highly likely that the current correction may yet continue. Possibly, quite soon, bears may reach the retracement of 50%. The future scenario depends on how the price will move there. If the price breaks it, the market will continue falling.
As we can see at the H1 chart, the price has rebounded twice from the correctional retracement of 78.6%, which means that the correction may continue. The closest target is the retracement of 50% at 0.740, which is confirmed by intraday fibo-levels.
RoboForex Analytical Department