Analysis for April 8th, 2015
EUR USD, “Euro vs US Dollar”
The pair has stated a new local correction. Earlier Eurodollar rebounded from the group of upper fibo-levels several times. Yesterday I opened a sell order. Possibly, in the nearest future the price may break yesterday’s low and continue falling towards its lower targets.
As we can see at the H1 chart, the lower target area (1.0600) is confirmed by local retracements. Probably, later the pair may rebound from the above-mentioned area and start a more serious correction.
EUR GBP, “Euro vs Great Britain Pound”
Euro pound is also starting to fall. Earlier the pair rebounded from the group of upper fibo-levels several times. After the local correction, the pair is expected to continue falling. The closest target is the area close to several retracements at 0.7150.
As we can see at the H1 chart, the predicted target of the current descending movement is confirmed by local retracements. As soon as the market breaks the minimum, I’m planning to move the stop loss on my sell order to breakeven. Later I’m planning to increase my position.
RoboForex Analytical Department