Fibonacci Retracements Analysis 07.06.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still consolidating 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.
At the H1 chart, the pair may test the local correctional retracement of 38.2%. If the price rebounds from this level, the market may resume growing towards its upside targets. It’s highly likely that the pair may reach a new local high soon.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair rebounded from 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.
Yesterday, the pair rebounded from the local correctional retracement of 38.2%. As a result, in the nearest future the market may break the local high and test the group of upside fibo-levels.
RoboForex Analytical Department
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.