Analysis for June 13th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 61.8%, Eurodollar is trying to resume its decline. The main target for bears is still the group of downside fibo-levels at 1.0970. During the week, the market is expected to continue falling towards this area.
As we can see at the H1 chart, the price may rebound from the local correctional retracement of 23.6%. In case it does happen, the closest target for Eurodollar will be the group of retracements at 1.1180. After reaching them, the market may start an ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues growing. The next target for bulls is the group of fibo-levels at 0.8030 – 0.8050. If this area provides resistance, bears will start a new descending correction.
As we can see at the H1 chart, the local target is the group of intraday fibo-levels at 0.8000. If the price rebounds from this area, Europound may start a short-term correction.
RoboForex Analytical Department