Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the predicted target of its descending wave. However, this structure may yet continue. We think, today, the price may extend this decline towards 1.1032 and then return to 1.1110. After that, the pair may start a new descending movement to reach 1.1000.
Pound hasn’t been able to continue its growth; the pair has formed a continuation pattern at 1.5596 and today is falling. The target of this descending structure is at 1.5500. After that, the market may test 1.5596 from below and then continue falling inside the downtrend towards 1.5400.
Franc hasn’t been able to stay above 0.9800. We think, today, the price may fall towards 0.9760. After that, the market may resume moving upwards to reach the next target at 0.9960.
Yen has formed a consolidation channel. If the market breaks this consolidation channel upwards – it may grow to reach the target at 125.46; if downwards – the current correction may continue towards 123.00.
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Australian Dollar is still consolidating. We can see triangle pattern, which looks like bullish pennant though. However, the descending structure may yet continue. The main scenario implies that the price may fall and reach 0.7200. An alternative scenario suggests that the market may break the channel upwards and reach 0.7452.
Ruble is still “monitoring” the oil market. We think, today, the price may grow to reach 66.10 and even extend this structure towards 67.00. After that, the pair is expected to start forming a descending wave with the target at 52.50.
Gold is consolidating below the broken ascending channel. The target of the correction is at 1106. After reaching it, the price may continue growing towards 1131 and then fall again to return to 1106.
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.