Analysis for April 21st, 2016
EUR USD, “Euro vs US Dollar”
The local correction is taking place. Later, Eurodollar may resume its descending movement towards downside targets. At the same time, the price may try to test the retracement of 61.8% one more time. If it rebounds from this level again, the pair may start a new decline.
At the H1 chart, the closest target of the correction is at the retracement of 61.8%. If the price breaks it, the next target will be at the retracement of 78.6%. However, if the market rebounds from one of these levels downwards, it may resume moving downwards.
EUR GBP, “Euro vs Great Britain Pound”
Europound is consolidating near the group of downside retracements. On Thursday, the market may start an ascending correction. At the same time, if the pair breaks its local lows, the pair may fall much deeper.
At the H1 chart, Europound has reached the group of downside retracements specified earlier and right now is trying to rebound from them. In the nearest future, the market may start an ascending correction. The first target for bulls is at the retracement of 23.6%. If the price breaks this level, the pullback may become deeper.
RoboForex Analytical Department