Analysis for May 19th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling; it has successfully reached the targets specified earlier. However, in the nearest future the market continue moving downwards to reach the closest group of fibo-levels at 1.1130.
As we can see at the H1 chart, the current decline started after the price rebounded from the correctional retracement of 38.2%. On Thursday, the local correction may take place, but later Eurodollar is expected to resume falling towards its downside targets, which are confirmed by intraday fibo-levels as well.
EUR GBP, “Euro vs Great Britain Pound”
The pair has rebounded from the retracement of 50% and, as a result, the correction is getting deeper. The closet target for bears is the group of retracements at 0.7555. In the nearest future, the market may continue falling.
At the H1 chart, the downside targets are conformed by local retracements as well. On Thursday, the price may form a short-term correction with the target at the retracement of 23.6%. If later the pair rebounds from this level, the market may resume moving downwards.
RoboForex Analytical Department