Analysis for April 28th, 2015
EUR USD, “Euro vs US Dollar”
The current correction is becoming deeper and it looks like the pair is going to break March’s high. The closest target for bulls is the group of lower fibo-levels close to a correctional retracement 61.8%. If later the market rebounds from this area, the downtrend may resume.
At the H1 chart, the upper targets are confirmed by local retracements. So far I’ve got only one buy order with the stop loss at the previous low, but during the correction I’m planning to open another order.
EUR GBP, “Euro vs Great Britain Pound”
In case of Euro pound, the correction may also become deeper. I opened a buy order with the tight stop when the pair was rebounding from the minimum. Probably, the price may break the previous high during the week. The target is the group of fibo-levels at 0.7250.
As we can see at the H1 chart, there are several local retracements inside the upper target area. I’m planning to increase my long position if the price continues growing towards the above-mentioned area. We should also note that if the market breaks these retracements, the correction may continue.
RoboForex Analytical Department