Analysis for April 20th, 2015
EUR USD, “Euro vs US Dollar”
It looks like the current ascending correction is going to continue. Its closest target is at retracement 78.6%. if the pair rebounds from it, the downtrend will resume.
As we can see at the H1 chart, the target area of the current correction is confirmed by local retracements. Possibly, the pair may reach this area during the next several days. Right now, I’m staying out of the market.
EUR GBP, “Euro vs Great Britain Pound”
Euro pound may continue the current correction as well. The closest target is at retracement 38.2%. We should note that if the pair breaks it, the correction may continue towards the next retracements (50% and 61.8%).
As we can see at the H1 chart, the upper targets are confirmed by local retracements. If the market rebounds from this area, I’ll open a sell order, because the lower targets are still important.
RoboForex Analytical Department