Analysis for May 11th, 2016
The descending correction is taking place. It looks like quite soon the market may reach the closest group of fibo-levels at 1.1310. In case it rebounds from this area, the pair may start a new ascending correction.
EUR USD, “Euro vs US Dollar”
At the H1 chart, the closest target of the current correction is at the retracement of 38.2%. However, the price may move towards the next retracement, the one of 50%. If the pair rebounds from it, the market may resume its decline.
EUR GBP, “Euro vs Great Britain Pound”Europound has rebounded from the retracement of 38.2% twice, which means that it may resume moving upwards. The closest target for bulls is the group of fibo-levels at 0.7970.
As we can see at the H1 chart, there are several additional intraday fibo-levels at 0.7970, which make this area even more important. On Wednesday, Europound may continue growing and, as a result, break the maximum.
RoboForex Analytical Department
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