Analysis for January 12th, 2016
EUR USD, “Euro vs US Dollar”
The correction continues. Earlier Eurodollar rebounded from the retracement of 61.8% twice and started moving upwards. During the week, the pair may continue its ascending movement towards the group of upper fibo-levels at 1.1110 – 1.1090.
At the H1 chart, the target of the current local correction is at the retracement of 61.8%. If the pair rebounds from this level upwards during the day, the market may start a new ascending movement.
EUR GBP, “Euro vs Great Britain Pound”
After reaching the group of fibo-levels at 0.7530, Europound started a new correction, which probably has already completed by now. It looks like in the nearest future the price will continue moving towards the next group of fibo-levels at 0.7610.
At the H1 chart, the current correction may be supported by the retracement of 61.8% (0.7470). If the price rebounds from this level, it may resume moving upwards. If later the market rebounds from the upside target area, the pair may start a descending correction.
RoboForex Analytical Department