Fibonacci Retracements Analysis 04.05.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of upside fibo-levels twice and started a new descending correction. Consequently, the closest target for bears is the area at 1.0760.
As we can see at the H1 chart, yesterday the pair failed to test the group of upside fibo-levels for the third time, and, as a result, resumed moving downwards. On Thursday, the price may move to reach the target area at 1.0835. If later the pair breaks this area, the market will continue falling.
EUR GBP, “Euro vs Great Britain Pound”
After rebounding from the group of downside fibo-level, the EUR/GBP pair is trying to resume growing. In the nearest future, the market may move upwards to reach the target area at 0.8700. As a result, the price may break the local high pretty soon.
At the H1 chart, the pair rebounded from the correctional retracement of 50% and then moved upwards. If the price breaks the local target area at 0.8490, the market will continue moving upwards to reach the upside targets.
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