Analysis for April 12th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar’s attempt to grow today wasn’t successful and right now it is moving at its previous levels again. Consequently, during the day the pair may fall towards the closest retracement, 23.6%. If the market rebounds from this level, bulls may try to resume growing one more time.
As we can see at the H1 chart, the last ascending movement was stopped by the retracement of 161.8% and the pair returned into the flat
again. The closest target is at the retracement of 61.8%, which provided support yesterday. If the price rebounds from this retracement one more time, the pair may resume its ascending movement.
EUR GBP, “Euro vs Great Britain Pound”
In case of Europound, the descending correction continues. The closest target for bears is the group of fibo-levels at the retracement of 61.8%. If the price rebounds from this area, the pair may resume moving upwards to reach its upside targets.
At the H1 chart, the pair has reached a new low. On Tuesday, the price may continue falling towards its downside target at the retracement of 61.8% (0.7940). If the market rebounds from this level, it may start a new ascending movement. Otherwise, if this retracement is broken, the current correction may become longer and more complicated.
RoboForex Analytical Department