Fibonacci Retracements Analysis 31.05.2017 (EUR/USD, EUR/GBP)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the group of local fibo-levels at 1.1130. Consequently, the price may test the upside target area at 1.1240 – 1.1220 once again. If later the pair rebounds from this area, the market may try to resume its decline.

As we can see at the H1 chart, after completing the local correction, the pair may continue growing. The closest target for bulls is the retracement of 78.6% at 1.1235. If later the price rebounds from this level, the market may resume falling and test the area at 1.1130 once again.

EUR GBP, “Euro vs Great Britain Pound”

Yesterday, bears attempted to break the area at 0.8710 – 0.8685, but failed, and, as a result, the EUR/GBP pair resumed moving upwards. The closest target is the group of fibo-levels at 0.8790 – 0.8770. If later the price rebounds from these levels, the market may start a new local correction.

At the H1 chart, the pair rebounded from the correctional retracement of 61.8% yesterday and, as a result, resumed its growth. On Wednesday, the price may break the local high and continue moving upwards to reach its upside targets.

RoboForex Analytical Department