Fibonacci Retracements Analysis 02.05.2016 (EUR/USD, EUR/GBP)


Analysis for May 2nd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues moving upwards; consequently, the targets are at the top. The first resistance bulls may face from the group of retracements at 1.1530 – 1.1520. If they break this area, the pair may continue growing towards the group of upside retracements at 1.1620 – 1.1610.

As we can see at the H1 chart, the target area at 1.1530 – 1.1520 is confirmed by intraday fibo-levels. It’s highly likely that at the beginning of the week the pair may reach this area and start a local descending correction, at least.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still being corrected. The closest target is at the group of fibo-levels close to the retracement of 38.2%. If the market breaks this area, the price will continue growing towards the next target at the retracement of 61.8%.

As we can see at the H1 chart, the first bullish target at the retracement of 38.2% is confirmed by intraday fibo-levels. It looks like in the nearest future the price may continue moving upwards. The market may reach its upside targets on Monday or Tuesday.

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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.