Article By RoboForex.com
EUR USD, “Euro vs US Dollar”
Eurodollar is moving inside the narrow consolidation channel at the top of its ascending wave. If the pair breaks the channel downwards, it may fall towards 1.1200; if upwards – continue growing to reach 1.1570 (an alternative scenario). Later, in our opinion, the market may continue falling with the target at 1.1000.
Being under pressure, Pound is moving downwards. Although the market attempted to start a correction, we think the price may reach 1.4340. However, the main scenario suggests that the pair is expected to move downwards to reach 1.4135. Possibly, it may form a large triangle pattern.
Franc is moving inside the consolidation channel at the lows of its descending wave. If the pair breaks the channel downwards, it may reach 0.9475 (an alternative scenario); if upwards – grow towards 0.9700.
Yen continues falling with the target at 110.30. After reaching this level and completing the structure, the market may return to 112.50.
Free Reports:
Australian Dollar has almost completed a downside continuation pattern. The local target is at 0.7530. After that, the pair may test 0.7605 from below and then fall to reach 0.7491.
Russian Ruble is consolidating at its lows. Possibly, the price may grow to reach 70.50. However, the main scenario implies that the market may continue forming the third descending wave with the target at 65.00.
Gold is forming the third descending wave. Possibly, the price may try to reach 1234 once again and the return to 1196. In this case, later the market may form a continuation pattern near 1222. The predicted target is at 1174.
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.