Fibonacci Retracements Analysis 05.06.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

After breaking the group of fibo-levels at 1.1230, the EUR/USD pair started consolidating. Possibly, the price may test this level once again in the nearest future. If it rebounds from this area to the upside, the market may move upwards to reach the next target area at 1.1350 – 1.1320.

At the H1 chart, the pair may test the correctional retracement of 38.2% at 1.1218. If the price rebounds from this level, the market may resume growing and break the previous high.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair rebounded from the downside border of the target area, which means that it may start a new correction. The closest target for bears is the retracement of 38.2% at 0.8620.

As we can see at the H1 chart, the retracement of 38.2% is confirmed by intraday fibo-levels. However, on Monday the local correction may take place, which may later be followed by a further decline of the price.

RoboForex Analytical Department