Analysis for June 10th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of local retracements once again, which means that the correction may continue. I’m holding a sell order with the target at lower levels. If the rice does start falling, I’ll increase my short position.
As we can see at the H1 chart, the target area, from which the price has rebounded several times, is confirmed by local retracements. The closest target is the group of fibo-levels at 1.1190. If the price breaks them, the market will continue moving downwards.
EUR GBP, “Euro vs Great Britain Pound”
Europound may also continue the current correction, because it has rebounded again from the same group of fibo-levels it rebounded several days earlier. I’m holding a pending sell order with the stop loss above the local high.
As we can see at the H1 chart, the target is the group of fibo-levels at 0.7240. If the price beaks this area, it may continue falling much deeper. We should note that if bulls are able to stay above the previous highs, one is recommended to stop selling the pair for some time.
RoboForex Analytical Department