Analysis for May 18th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues moving towards its downside targets. Possibly, during the day the price may reach the group of fibo-levels at 1.1210. If the pair rebounds from this area, it may start a new correction.
At the H1 chart, the downside targets are confirmed by intraday fibo-levels as well. Yesterday, the price rebounded from the correctional retracement of 38.2%, which means that it may resume falling. It’s highly likely that during the day the market may reach a new low.
EUR GBP, “Euro vs Great Britain Pound”
Europound hasn’t been able to stay below the correctional retracement of 61.8% after all, and it may result in a new ascending correction. The current growth may speed up after the pair may breaks the local minimum.
As we can see at the H1 chart, Europound hasn’t managed to stay under the group of fibo-levels. This is why, the pair is quite unlikely to continue falling. Consequently, the market may continue moving upwards on Wednesday.
RoboForex Analytical Department