Analysis for June 3rd, 2015
EUR USD, “Euro vs US Dollar”
The correction is becoming deeper. Right now, the price is attempting to rebound from the group of fibo-levels near 61.8%. In the nearest future, Eurodollar may reach a new local high, but later it is expected to resume falling towards its lower targets.
As we can see at the H1 chart, the targets of the current correction are confirmed by local retracements. However, I’m staying out of the market right now and waiting for the price to resume falling, because there is still a possibility that the current ascending correction may yet continue.
EUR GBP, “Euro vs Great Britain Pound”
In case of Europound, the correction is also becoming deeper than it was expected. The price was just several pips shy to reach retracement 61.8%, that’s why there is still a possibility that it may try to reach this retracement once again. I’m planning to start selling after the price is able to stay below retracement 38.2%.
As we can see at the H1 chart, there are several more retracements in the area, where the price may complete the current correction. So far, I’m staying out of the market and waiting until the price is able to stay below lower correctional retracements (50% and 38.2%). However, if the pair tests retracement 61.8% again and rebounds from it, I’ll enter the market and start selling.
RoboForex Analytical Department