Analysis for April 13th, 2016
EUR USD, “Euro vs US Dollar”
The sideways correction continues. However, during the day Eurodollar may move downwards to react the retracement of 50%. If the market rebounds from this area, the price may resume its ascending movement.
At the H1 chart, the target area close to the retracement of 50% is confirmed by intraday fibo-levels. If the market rebounds from it upwards and returns to the current levels, the price will start growing towards its upside targets at 1.1520 – 1.1510.
EUR GBP, “Euro vs Great Britain Pound”
In case of Europound, the descending movement 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 predicted targets of the current correction are confirmed by local retracements. It’s highly likely that on Wednesday the pair may test these targets. At the same time, if bears break the predicted targets easily and keep the price below them, the market will continue falling much deeper.
RoboForex Analytical Department