Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Euro hasn’t been able to form its first ascending wave; the pair has broken a consolidation channel downwards. We think, today the price may return to level of 1.2660 and then fall towards level of 1.2530. An alternative scenario suggests that the market may form an ascending impulse to return to level of 1.2700.
Pound has broken a consolidation channel downwards. We think, today the price may fall towards level of 1.6168 and then try to return to level of 1.6340. After that, the price may form another structure of this correctional wave.
Franc hasn’t been able to form a descending wave; instead it has broken a consolidation channel upwards and expanded this trading range. We think, today the price may return to level of 0.9485 and then grow again towards level of 0.9535. Thus, the market is expected to consolidate again, but inside a wider trading range.
Yen has also broken a consolidation channel upwards and may continue growing. We should note that the pair has already reached all important targets. The main scenario implies that the price may form a consolidation channel, break it downwards, and then form a reversal pattern to start a new downtrend.
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Australian Dollar has broken a consolidation channel downwards and may continue moving towards level of 0.8600. We should note, that the pair has reached its targets and may start a new correction. At any time, the market may form a reversal pattern and start a correction towards level of 0.8800, at least.
Ruble has broken a consolidation channel upwards and almost reached the target. We think, today the price may form another ascending structure to reach a new high and then start falling. The market is expected to consolidate and form a reversal structure at the top of this wave. Later, in our opinion, the pair may start a correction towards level of 34.00.
Gold hasn’t been able to form an ascending wave. We think, today the price may form another consolidation channel by growing towards 1210 first and then falling to 1200. Later, in our opinion, the market may break this consolidation channel upwards. If the price expands this channel up to 1220, the market may form a reversal pattern and start a correction. An alternative scenario suggests that the market may break it downwards and move to reach level of 1190.
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.