Fibonacci Retracements Analysis 09.05.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the group of upside fibo-levels and started a new descending correction. The closest target for bears is the group of retracements at 1.0825.

At the H1 chart, the correction may take place during the day. The closest target for bulls is the retracement of 38.2%. If later the pair rebounds from this level, the market may resume moving downwards and break the low.

EUR GBP, “Euro vs Great Britain Pound”

Last week, 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.

It’s highly likely that on Tuesday bears may test the retracement of 61.8%. If they rebound from this level, the market may start a new ascending movement.

RoboForex Analytical Department