Analysis for May 16th, 2016
EUR USD, “Euro vs US Dollar”
After reaching its intermediate targets, Eurodollar started a local correction. In the future, the market may resume moving downwards. The closest target for bears is the group of fibo-levels at 1.1210.
At the H1 chart, the downside targets are by local retracements. If the price rebounds from the correctional retracement of 23.6%, the market may resume falling and break the minimum.
EUR GBP, “Euro vs Great Britain Pound”
Europound has rebounded from the retracement of 50% quite fast, 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. During the day, Europound may resume growing and, as a result, break the maximum quite soon.
RoboForex Analytical Department