Analysis for June 15th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the correctional retracement of 61.8%, Eurodollar started falling. The main target for bears is still the group of fibo-levels at 1.0970. Consequently, in the nearest future the market may continue falling towards the target.
As we can see at the H1 chart, the price is trying to rebound from the local retracement of 38.2%. Consequently, during the day the pair may move towards the group of intraday retracements at 1.1115. If the market rebounds from them, it may start a local ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still consolidating. However, later the price may resume moving upwards to reach the closet 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 is about to finish. On Wednesday, the price may test the retracement of 61.8% one more time. If the price rebounds from it again, Europound may resume moving upwards and break its previous high.
RoboForex Analytical Department