Analysis for April 2nd, 2015
EUR USD, “Euro vs US Dollar”
The pair is still being corrected. Earlier, after rebounding from retracement 50% several times, Eurodollar attempted to start a new descending movement. If the price rebounds from a local retracement 38.2%, it may resume falling.
I opened a sell order when the price rebounded from retracement 38.2% at the H1 chart. The closest target is the group of intermediate fibo-levels at 1.0600. After reaching it, the market may start a local pullback upwards.
EUR GBP, “Euro vs Great Britain Pound”
After completing the correction at retracement 61.8%, the price is attempting to resume the main downtrend. Probably, at the moment the pair is finishing a local correction. I closed my orders with stop losses while the market was moving upwards, and I haven’t opened any new ones.
As we can see at the H1 chart, the target of the current local correction is the group of fibo-levels close to retracement 61.8%. If the market rebounds from this area, the price may start a new descending movement. This is why I’m planning to open a sell order later.
RoboForex Analytical Department