Analysis for June 24th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 61.8% successfully, Eurodollar started falling. Later, the price reached the group of downside retracements and rebounded from them. Consequently, in the nearest future the correction may continue.
As we can see at the H1 chart, the target of the correction is the retracement of 50% and fibo-levels surrounding it. In the future, the pair may continue its local growth. After rebounding from the retracement of 50%, the market may start a new descending movement.
EUR GBP, “Euro vs Great Britain Pound”
Europound rebounded from the group of downside fibo-levels and then reached its upside targets. In the nearest future, the pair may be corrected. The closest target is at the retracement of 50%. If the market rebounds from this level, it may resume moving upwards.
As we can see at the H1 chart, the retracement of 50% is confirmed by local fibo-levels. Possibly, the price may test this level on Friday. If the pair rebounds from it, the market will continue growing.
RoboForex Analytical Department