Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
After rebounding from the retracement of 50% and several local fibo-levels, the EUR/USD pair resumed its decline. If the price fixes below the retracement of 38.2% at 1.0705, the market may continue moving downwards to reach the target area at 1.0575 – 1.0565.
As we can see at the H1 chart, the upside target area, from which the price rebounded earlier, is confirmed by several local fibo-levels. It’s highly likely that during the next several days the market may continue falling towards the group of fibo-levels at 1.0575 – 1.0565.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the correctional retracement of 38.2%, which means that the price may resume falling. The closest target for bears is the group of fibo-levels close to the retracement of 78.6% at 0.8420.
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At the H1 chart, the retracement of 38.2%, which provided resistance, is confirmed by several local fibo-levels. It looks like in the nearest future bears may continue pushing the price towards the previous low.
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.