Fibonacci Retracements Analysis 11.05.2017 (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 area at 1.0825. If later the price breaks this area, the current correction may continue up to the retracement of 50% (1.0755).

At the H1 chart, the pair is being corrected to the upside with the closest target at 1.0915 (the retracement of 38.2%). If later the pair rebounds from this area, the market may resume falling and break the previous low.

EUR GBP, “Euro vs Great Britain Pound”

The EUR/GBP pair is trying to rebound from the group of downside fibo-levels, which already provided support earlier. As a result, in the nearest future the market may resume moving upwards to reach the area at 0.8685 – 0.8715.

As we сan see at the H1 chart, the pair failed to fix below the correctional retracement of 61.8% at 0.8395. Consequently, on Thursday the market may continue its ascending movement towards the closest group of retracements at 0.8490.

RoboForex Analytical Department