Analysis for June 20th, 2016
EUR USD, “Euro vs US Dollar”
It’s highly likely that Eurodollar is going to test the correctional retracement of 61.8% one more time. If the price rebounds again, the market may resume falling towards the group of downside retracements.
As we can see at the H1 chart, the price may fall a little towards the retracement of 38.2%. If the pair rebounds from it upwards during the day, the market may break the previous high and reach the target area at 1.1420.
EUR GBP, “Euro vs Great Britain Pound”
During the current decline, Europound has reached the retracement of 61.8% and may rebound from it upwards. If it happens, the market may start a new ascending movement towards its local high.
As we can see at the H1 chart, the retracement of 61.8% is confirmed by intraday retracements. If later the price stays above 38.2%, Europound may resume moving upwards.
RoboForex Analytical Department