Fibonacci Retracements Analysis 10.05.2017 (EUR/USD, EUR/GBP)
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the group of upside fibo-levels and resumed moving downwards. The closest target for bears is the group of retracements at 1.0825. If later the price rebounds from this area, the market may start a local ascending correction.
At the H1 chart, the pair may continue falling during the day. The closest target for bears is the retracement of 38.2% at 1.0820. If later the pair rebounds from this level, the market may start a new ascending correction.
EUR GBP, “Euro vs Great Britain Pound”
The EUR/GBP pair failed to stay above the local target area at 0.8490, so right now it is falling. If later the market rebounds from the group of downside fibo-levels, the price may resume moving upwards to reach its upside targets.
On Wednesday, bears may test the retracement of 78.6%. If they rebound from this level, the market may start a new ascending movement. In this case, the main target for bulls will be at 0.8420 (the retracement of 50%).
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.