Analysis for April 25th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 61.8% twice, Eurodollar has started falling fast and reached a new local low. After finishing the local correction, the market may continue its descending movement towards the group of downside retracements at 1.1200 – 1.1190. If later the pair rebounds from this area, the price may start a new ascending correction.
As we can see at the H1 chart, the local correction has reached the retracement of 50% and the price is attempting to rebound from it. Consequently, during the day the market may continue falling towards its downside targets and break the previous low.
EUR GBP, “Euro vs Great Britain Pound”
It looks like the current ascending movement is just another correction inside the downtrend. In the nearest future, Europound may resume falling towards the group of downside retracements at 0.7730 – 0.7715.
At the H1 chart, the local correction has reached the retracement of 38.2%. If Europound rebounds from this level, it may resume its decline towards the group of closest fibo-levels. If later the price rebounds from this area upwards, the market may start a new correction.
RoboForex Analytical Department