Fibonacci Retracements Analysis 22.05.2017 (EUR/USD, EUR/GBP)
EUR USD "Euro vs US Dollar"
The pair has reached the target group of Fibo-levels near 1.1230 - 1.1210. If this price area is broken through, a next round of growth will be possible which can potentially lead the price to 1.1350 - 1.1320. This level can give the way for a correction movement.
On the H1-chart the upper price area 1.1350 - 1.1350 is confirmed by intraday Fibo-levels. In the course of the day, if the price holds above 1.1230 level, a further rise can occur.
EUR GBP "Euro vs Great Britain Pound"
After the price rebounded from the 38.2% correction mark it resumed climbing higher. As long as the pair has held above 0.8590, in the near-term a further rise towards a group of Fibo-levels near 0.8710 - 0.8685 is possible.
The upper targets are confirmed by local Fibo-levels on the H1-chart. If this area is rebounded from afterwards, a descending correction can occur.
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.