Fibonacci Retracements Analysis 01.06.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is testing the group of fibo-levels at 1.1240 – 1.1220. If the price breaks these levels, the market may continue moving upwards. The closest target for bulls is the area at 1.1350 – 1.1320.

At the H1 chart, the pair may soon break the high. Later, the price may test its upside targets. If the pair rebounds from them, the market may start a new descending correction.

EUR GBP, “Euro vs Great Britain Pound”

Yesterday, bears attempted to break the area at 0.8710 – 0.8685, but failed, and, as a result, the EUR/GBP pair resumed moving upwards. The closest target is the group of fibo-levels at 0.8790 – 0.8770. If later the price rebounds from these levels, the market may start a new local correction.

As we can see at the H1 chart, the upside targets are confirmed by intraday fibo-levels. On Thursday, the price may reach new local highs and then start a new bearish correction.

RoboForex Analytical Department