Fibonacci Retracements Analysis 05.05.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair broke the group of target fibo-levels, which means that it may continue moving upwards. In the nearest future, after completing the local correction, the market may continue growing towards the target area 1.1050 – 1.1040.

As we can see at the H1 chart, the target of the local bearish correction is the retracement of 50%. If later the pair rebounds from this level, the market may resume moving upwards and break the local high.

EUR GBP, “Euro vs Great Britain Pound”

Yesterday, the EUR/GBP pair failed to stay above the local target area at 0.8590. Consequently, in the nearest future the market may test the group of downside fibo-levels again. If the pair rebounds from these levels, the price may resume moving upwards.

At the H1 chart, the closest target for bears is the correctional retracement of 61.8%. Possibly, after reaching this level, the market may start a new ascending movement.

RoboForex Analytical Department