Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected; the pair has already reached the retracement of 38.2% and rebounded from it. Consequently, in the nearest future the market may move downwards to reach its downside targets at 1.1070.
At the H1 chart, the current correction faced resistance from the retracement of 78.6% as the pair rebounded from it. The downside target area is confirmed by intraday fibo-levels. As a result, on Friday the price may move towards its previous low.
Probably, Europound is about to complete the correction and soon may start falling towards the retracement of 61.8%, which is confirmed by several local fibo-levels. The market may resume falling during the day.
At the H1 chart, the downside targets are confirmed by local retracements as well. If the price rebounds from the local retracement of 78.6%, the pair may resume falling. In this case, the market may break the minimum until the end of this trading week.
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