Fibonacci Retracements Analysis 06.06.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is again trading above 1.1230, which means that it may continue growing towards the next target area at 1.1350 – 1.1320. If later the price rebounds from this area, the market may start a new bearish correction.
It’s highly likely that on Tuesday 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 is still consolidating near the group of fibo-levels reached earlier, which means that it may start a new ascending movement. However, if the price rebounds from the upside target area at 0.8770 – 0.8790, the market may start a new bearish correction.
As we can see at the H1 chart, the pair is trying to rebounds from the group of local fibo-levels. It looks like on Tuesday the market may break the local high and test its upside targets once again.
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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.