Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Being influenced by the news, Eurodollar has broken the correctional retracement of 50% after all. Consequently, during the day the price may test the retracement of 61.8% again, from which it rebounded earlier. If this level is broken, the market will continue growing towards the retracement of 78.6%.
As we can see at the H1 chart, the closest group of fibo-levels near the retracement of 61.8% is confirmed by intraday fibo-levels. Earlier, the price rebounded from the correctional retracement of 50%. If the price breaks the retracement of 61.8% (1.1415) during the day, the pair will continue growing towards the retracement of 78.6% (1.1500).
Europound is attempting to rebound from the correctional retracement of 78.6%, which means that it may start a local ascending correction at least. However, if the market beaks this levels, the market may continue falling much faster and even break May’s low.
As we can see at the H1 chart, the retracement of 78.6% is confirmed by intraday fibo-levels. If the price breaks the retracement of 61.8% during the day, the pair may start a correction. Otherwise, if the pair rebounds from this retracement downwards, Europound may fall and break its local low.
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