Analysis for June 14th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 61.8%, Eurodollar is still falling. The main target for bears is still the group of fibo-levels at 1.0970. During the day, the market is expected to continue falling.
As we can see at the H1 chart, yesterday the price rebounded from the retracement of 38.2%, thus starting a new descending movement. The local target is the group of intraday retracements at 1.1180. After reaching them, the market may start an ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
Europound may yet continue moving upwards. The next target for bulls is the group of fibo-levels at 0.8030 – 0.8050. If the price rebounds from this area, bears may start a new descending correction.
As we can see at the H1 chart, the local correction may yet continue and test the retracement of 61.8%. If the price rebounds from it, Europound may resume moving upwards and break its previous high.
RoboForex Analytical Department