Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
After rebounding from the upper fibo-levels several times, Eurodollar resumed falling. The closest target for bears is the group of fibo-levels at 1.0940. I’m planning to stop trading after the pair reaches the above-mentioned area.
At the H1 chart, the pair has reached the intermediate target is the group of fibo-levels at 1.1180 and started a correction. I’ve opened an additional sell order and moved the stop losses on my previous ones a bit lower. Possibly, the current correction may complete at a local retracement 38.2%.
After rebounding from a correctional retracement 78.6%, the price started falling again. The target is still at the group of lower fibo-levels. In the near term, the market is expected to continue moving inside the downtrend.
As we can see at the H1 chart, the price has started a local correction. Later, after reaching one of the closest retracements, the pair may resume falling towards the lower target area. After reaching the area, the market may rebound and start a new and larger correction.
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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.