Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Euro hasn’t been able to continue forming an ascending structure; influenced by the news, the pair reached a new low and is still moving downwards towards the important target of this wave at level of 1.2820. We think, today the price may return to level of 1.2890 and then complete this descending structure by moving downwards to reach level of 1.2820. Later, in our opinion, the market may consolidate and form a reversal pattern.
Pound continues moving inside an ascending continuation pattern; the pair is still expected to move upwards to reach level of 1.6437. Later, in our opinion, the market may fall towards level of 1.6300 and then move upwards to reach level of 1.6550. An alternative scenario suggests that the market, being influenced by the fundamental background, may expand this continuation pattern up to level of 1.6120 and then continue forming an ascending structure.
Franc hasn’t been able to continue falling. The pair is expected to reach a new high and then continue growing towards the target at level of 0.9450. We think, today the price may move downwards to reach level of 0.9375 and then grow towards the above-mentioned target. Later, in our opinion, the market may consolidate and form a reversal pattern for a new descending movement.
Yen, being influenced by the fundamental background, is still moving upwards; the pair has already reached the main target of this wave and may form a reversal impulse and start a new descending trend at any moment. Due to the extension of the current structure, we think today the price may reach level of 108.80 and then fall towards 107.80. Later, in our opinion, the market may reach a new high again and then consolidate and form a reversal structure.
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Australian Dollar, being influenced by the fundamental background, has reached a new low and may continue falling towards the target at level of 0.8910. We think, today the price may return to level of 0.8980 and then continue falling towards the above-mentioned target. Later, in our opinion, the market may consolidate and form a reversal pattern. The pair is expected to form another ascending structure with the target at level of 0.9200.
Ruble is still falling inside a consolidation channel towards level of 38.09. Later, in our opinion, the market may grow to reach level of 38.55 and then start moving downwards to break level of 38.00 and reach level of 37.60.
Gold is still under pressure and continues moving downwards. We think, today the price may return to level of 1225 and then complete this descending wave by falling and reaching level of 1208. Later, in our opinion, the price may consolidate and form a reversal pattern for a new correction to return towards level of 1300.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
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.