Analysis for April 18th, 2016
EUR USD, “Euro vs US Dollar”
The local correction continues. It’s highly likely that during the day Eurodollar may test the retracement of 38.2%. If the price rebounds from it, the pair will resume falling towards the group of downside retracements at 1.1200 – 1.1190.
At the H1 chart, the correctional retracement of 38.2% is confirmed by intraday fibo-levels. If the price rebounds fast from this level, I’m planning to open a sell order with the stop loss at the local high. However, if the market stays above this level, the pair will form a much deeper ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
Europound may yet continue moving downwards. The closest target for bears is at the correctional retracement of 78.6%. If the pair rebounds from this level upwards, the market may resume its ascending movement.
As we can see at the H1 chart, the price has rebounded from the correctional retracement of 50% and surrounding intraday levels. It’s highly likely that the market may break the last week’s minimum and reach the predicted bearish targets by Tuesday.
RoboForex Analytical Department