Analysis for January 13th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 61.8%, Eurodollar started a fast growth, which was followed by a descending correction. During the next several days, the pair may resume its growth towards the group of upper fibo-levels at 1.1110 – 1.1090.
At the H1 chart, the price may continue falling towards the group of fibo-levels close to the retracement of 78.6%. If the pair rebounds from this level upwards, the market may resume its ascending movement.
EUR GBP, “Euro vs Great Britain Pound”
The pair has rebounded from the group of upper fibo-levels for the second time, which means that the current correction may yet continue. Later, the price may continue moving towards the next group of fibo-levels at 0.7610.
At the H1 chart, the target of the current correction is at the retracement of 50%. Possibly, on Wednesday the price may continue moving towards this level and even break the local minimum. If later the market rebounds from this target area upwards, the pair may resume growing.
RoboForex Analytical Department