Analysis for May 26th, 2016
EUR USD, “Euro vs US Dollar”
It looks like Eurodollar is about to resume its decline. After rebounding from the group of fibo-levels, the price reached the Moving Average and the correctional retracement of 23.6%. Consequently, if the pair rebounds from these levels, it may resume falling to reach the closest group of retracements at 1.1070.
At the H1 chart, Eurodollar is attempting to rebound from the local correctional retracement of 50%. The closest targets are confirmed by intraday fibo-levels. As a result, the price may reach a new low quite soon.
EUR GBP, “Euro vs Great Britain Pound”
Probably, Europound is about to start falling towards the retracement of 61.8%, which is confirmed by several local fibo-levels. Earlier, the price rebounded from the correctional retracement of 50% and started the current decline. The market may resume falling during the day.
At the H1 chart, the price is trying to rebound from the local correctional retracement of 23.6%. Consequently, quite soon Europound may break its low and continue falling towards its downside targets, which are confirmed by local retracements.
RoboForex Analytical Department