Analysis for May 13th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has broken its low and continues falling. Probably, in the nearest future, the market may test the closest group of fibo-levels at 1.1310. In case it rebounds from this area, the pair may start a new ascending correction. However, if this area is broken, the price will continue falling.
At the H1 chart, the correction faced resistance from the retracement of 61.8% and the price started falling. The downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the price may break its local low.
EUR GBP, “Euro vs Great Britain Pound”
Yesterday, Europound rebounded from the retracement of 50%, 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 local fibo-levels at 0.7970, which make this area even more important. On Friday, Europound may resume growing and, as a result, break the maximum quite soon.
RoboForex Analytical Department