Analysis for May 17th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected, although the main target for bears is still the group of lower fibo-levels at 1.1210. On Tuesday, the price may resume its decline and, as a result, break the minimum quite soon.
![](https://www.roboforex.ru/files/forecasts/may2016/17/Image20160517133857001.png)
At the H1 chart, yesterday the price rebounded from the correctional retracement of 38.2%, which means that it may resume falling. Besides, the downside targets are confirmed by intraday fibo-levels as well.
![](https://www.roboforex.ru/files/forecasts/may2016/17/Image20160517133857002.png)
EUR GBP, “Euro vs Great Britain Pound”
The correction is getting deeper. The closest target for bear is the retracement of 78.6%, which is confirmed by several local fibo-levels. During the day, the pair may break the local minimum.
![](https://www.roboforex.ru/files/forecasts/may2016/17/Image20160517133857003.png)
As we can see at the H1 chart, the downside targets are confirmed by intraday retracements. If the price rebounds from this area, bulls may start a new correction. Otherwise, if this area is broken, bears will continue pushing the price downwards.
RoboForex Analytical Department