Analysis for May 19th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of local retracements and started falling fast. In the nearest future, the pair may continue moving downwards to reach the closest group of fibo-levels close to retracements 61.8% at 1.0900.
As we can see at the H1 chart, the target of the current correction is confirmed by local retracements. During the correction, I opened a sell order with the stop loss placed above an intraday high. Probably, the market may reach several new lows during Tuesday.
EUR GBP, “Euro vs Great Britain Pound”
Europound is trying to resume its descending movement. The closest target is still the group of lower fibo-levels at 0.6975. During the local correction, I opened a sell order with the stop loss placed at yesterday’s high.
As we can see at the H1 chart, the pair has reached a local correctional retracement 61.8%. If it rebounds from this level, the downtrend may resume. The lower targets are confirmed by local retracements.
RoboForex Analytical Department