Analysis for April 29th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar continues growing. Possibly, in the nearest future the pair may break March’s high. The short-term target for bulls is the group of 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. During the correction, I opened another buy order. I’m planning to move the stop loss on both orders to breakeven as soon as the price breaks the previous high.
EUR GBP, “Euro vs Great Britain Pound”
In case of Euro pound, the correction may yet 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, the upper targets are confirmed by local retracements. 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