Analysis for January 20th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the retracement of 38.2% for the second time, which means that it may fall a little bit. The closest target for bears is the area at 1.0810 – 1.0790. If the price breaks this area, the market may continue falling much deeper.
As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. It’s highly likely that on Wednesday the price may reach a new local low and continue falling.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues moving upwards. The closest target is the area at 0.7840. It’s highly likely that bulls will reach this level until the end of the week.
At the H1 chart, the predicted target of the current local correction is at the retracement of 38.2%. If Europound rebounds from this area upwards, I’m planning to open a buy order with the target at the group of upper fibo-levels.
RoboForex Analytical Department