Analysis for June 18th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has finally broken the previous high and may continue forming its ascending correction. The closest target is the group of fibo-levels at 1.1550. If later the price rebounds this area, it may start a new descending correction.
As we can see at the H1 chart, the pair upper targets are confirmed by local retracements. I’m staying out of the market so far, but planning to open a buy order during the correction. Moreover, if the price is strong enough to break the target area, it may continue growing much higher.
EUR GBP, “Euro vs Great Britain Pound”
Europound continues falling. After the last descending movement, I’ve moved the stop loss on my current order to the local high. The target for the next several days is the group of fibo-levels at 0.7020.
As we can see at the H1 chart, the lower targets are confirmed by local retracements. If later the price rebounds from this area, I’ll close my current order. However, the door swings both ways, and if the pair breaks this area and stays below it, the market may continue falling much deeper.
RoboForex Analytical Department