Analysis for May 18th, 2015
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the local correction is still taking place. Probably, during this week the pair may continue growing towards the group of upper fibo-levels at 1.1745. If later it rebounds from this target area, the market may start a correction.
As we can see at the H1 chart, the upper targets are confirmed by local retracements. At the end of last week, during the correction, I opened a buy order. After rebounding from a local retracement 38.2%, the pair is trying to start a new ascending movement and may even break the current maximum in the nearest future.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still being corrected. Probably, during the day the pair may rebound from retracement 50%. In this case, the marker will resume falling towards the group of fibo-levels at 0.6975.
As we can see at the H1 chart, there are several retracements in the area where the price may complete the current local correction. We should note that if the pair breaks retracement 50%, the market may start a deeper pullback upwards to reach retracements 61.8% and 78.6%.
RoboForex Analytical Department