Analysis for March 31st, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from retracement 50% several times, which was confirmed by several local retracements. Probably, this fact indicates that the downtrend may resume. I opened another short-term order during a correction and plan to move the stop loss to breakeven when the market breaks the minimum.
As we can see at the H1 chart, the target of the current correction was confirmed by local retracements. The closest target is the group of intermediate fibo-levels at 1.0700. After reaching it, the market may start a local pullback upwards.
EUR GBP, “Euro vs Great Britain Pound”
Probably, the pair has completed its correction at retracement 61.8% and rebounded from it, which means that the main downtrend may resume. I’ve still got one sell order with the stop loss in breakeven.
As we can see at the H1 chart, the short-term target is the group of intermediate fibo-levels at 0.7155 – 0.7145. In the future, the pair may start a local correction from this area. If it happens, I’ll open another order.
RoboForex Analytical Department