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.
![](https://www.roboforex.ru/files/forecasts/may2016/18/Image20160518121942001.png)
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.
![](https://www.roboforex.ru/files/forecasts/may2016/18/Image20160518121942002.png)
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.
![](https://www.roboforex.ru/files/forecasts/may2016/18/Image20160518121942003.png)
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