Fibonacci Retracements Analysis 02.06.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is still trading close to the group of fibo-levels at 1.1240 – 1.1220. If the price rebounds from this area, the market may resume moving upwards. The closest target for bulls is the area at 1.1350 – 1.1320.

At the H1 chart, the pair may test the correctional retracement of 38.2% at 1.1200. If the price rebounds from this level, the market may continue growing and break local highs.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is trying to fix above the area at 0.8710 – 0.8685. 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 pair rebounded from the local retracement of 61.8% at 0.8657. Possibly, on Friday the price may break the local high. However, if the pair rebounds from its upside targets, the market may start a new bearish correction.

RoboForex Analytical Department