Analysis for June 10th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 61.8%, Eurodollar is trying to resume its decline. The target is still the group of downside fibo-levels at 1.0970. Consequently, after a slight correction, the market is expected to continue falling.
As we can see at the H1 chart, the target of the current local correction is the retracement of 38.2%. If Eurodollar rebounds from this level, the pair may continue falling towards the group of local fibo-levels at 1.1230.
EUR GBP, “Euro vs Great Britain Pound”
It’s highly likely that after finishing the current local correction, bears may continue pushing the price towards the retracement of 50%. The future scenario depends on how the pair will move there. If the market breaks it, Europound will continue falling.
At the H1 chart, after rebounding from the correctional retracement of 78.6%, Europound faced resistance from the retracement of 61.8%. Consequently, on Friday the market may resume moving downwards and break the local low.
RoboForex Analytical Department