Fibonacci Retracements Analysis 19.05.2017 (EUR/USD, EUR/GBP)
EUR USD "Euro vs US Dollar"
The market has hit a new high. The nearest target for the bulls is a group of Fibo-levels near 1.1230 - 1.1210. If this area is rebounded from, a descending correction will come to the fore.
On the H1-chart the upper targets are confirmed by intraday Fibo-levels. In case a correction starts, the 1st target for the bears will be an area near 1.1130. If this area is broken through, the descending move can go further.
EUR GBP "Euro vs Great Britain Pound"
The day before the cross rebounded from the correction level 38.2% and this triggered a new round of growth. If the market holds above the target area 0.8590, this can be seen as confirmation of the bulls' strength.
It is not improbable that in the course of the day we see the local highs being broken. Afterwards we can see the market moving slowly towards a group of Fibo-levels 0.8700.
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.