Analysis for May 21st, 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. Earlier during the correction, I opened a sell order; the stop loss is already in breakeven. Probably, the market may reach several new lows during Thursday.
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; the stop loss is already in breakeven.
As we can see at the H1 chart, the pair has rebounded from a local correctional retracement 38.2%. Probably, in the nearest future the pair will continue falling. The lower targets are confirmed by local retracements.
RoboForex Analytical Department