Fibonacci Retracements Analysis 01.05.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the group of upside fibo-levels, which means that the price may start a new descending correction. The closest target for bears is the area at 1.0760.

As we can see at the H1 chart, the upside target area reached by the pair is confirmed by intraday fibo-levels. Consequently, in the nearest future the market may start falling to reach the local target area at 1.0835.

EUR GBP, “Euro vs Great Britain Pound”

At the H4 chart, the EUR/GBP pair rebounded from the upside border of the group of fibo-levels twice. As a result, in the nearest future the market may start a new ascending movement towards the target area at 0.8700.

As we can see at the H1 chart, the pair managed to stay above the correctional retracement of 50%. Consequently, during the next several hours the market may start a short-term growth towards 0.8490. If later the pair breaks this level, the market will continue moving upwards to reach the upside targets.

RoboForex Analytical Department