Fibonacci Retracements Analysis 02.05.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of upside fibo-levels twice and may start a new descending correction. Consequently, the closest target for bears is the area at 1.0760.
As we can see at the H1 chart, the pair is still consolidating. The upside target area reached by the price earlier is confirmed by intraday fibo-levels. On Tuesday, the market may start falling to reach the local target area at 1.0835.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from the upside border of the group of fibo-levels twice and, as a result, resumed growing. In the nearest future, the market may continue moving upwards to reach the target area at 0.8700.
At the H1 chart, the pair rebounded from the correctional retracement of 50% and resumed growing. If the price breaks the area at 0.8490, the market will continue moving upwards to reach the upside targets.
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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 bears no responsibility for trading results based on trading recommendations described in these analytical reviews.