Analysis for May 11th, 2016
EUR USD, “Euro vs US Dollar”
The descending correction is taking place. It looks like quite soon the market may reach the closest group of fibo-levels at 1.1310. In case it rebounds from this area, the pair may start a new ascending correction.
At the H1 chart, the closest target of the current correction is at the retracement of 38.2%. However, the price may move towards the next retracement, the one of 50%. If the pair rebounds from it, the market may resume its decline.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the retracement of 38.2% twice, which means that it may resume moving upwards. The closest target for bulls is the group of fibo-levels at 0.7970.
As we can see at the H1 chart, there are several additional intraday fibo-levels at 0.7970, which make this area even more important. On Wednesday, Europound may continue growing and, as a result, break the maximum.
RoboForex Analytical Department