Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Being under pressure, Eurodollar is moving downwards to reach 1.1210. In fact, the downtrend is expected to continue. The target of the wave is at 1.1110. Later, in our opinion, the market may rebound to 1.1310 and then continue falling inside the downtrend to reach 1.1110. And this is just a half of the current descending wave.
Pound has reached the predicted target of the correction. However, the structure of this decline implies that the price may form a continuation pattern at 1.4335. In fact, the pair is forming the third wave of the downtrend with the local target at 1.4000. Later, in our opinion, the market may be corrected towards 1.4300 and then continue falling inside the downtrend to reach 1.3900.
Franc is growing to reach 0.9665. Possibly, the wave may be extended up to 0.9740. This growth may be considered as the first part of the structure with the target at 0.9950.
Being under pressure, Yen is moving downwards. The price is expected to reach the local target at 104.00. After that, the pair may start a new correction towards 113.00.
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Australian Dollar has broken its ascending channel and is expected to reach 0.7300. This structure may be considered as a part of the downtrend towards 0.7130.
Russian Ruble is growing towards 65.50. After that, the pair may return to 64.50. Later, in our opinion, the market may continue growing with target at 67.67.
Gold is still moving at the top of its ascending wave. We think, today the price may fall to reach the first target at 1258, form another consolidation channel, break it, and then continue falling inside the downtrend towards 1200. An alternative scenario implies that the market may expand its trading range up to 1286.
RoboForex Analytical Department
Article By RoboForex.com
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.