Fibonacci Retracements Analysis 02.06.2016 (EUR/USD, EUR/GBP)


Analysis for June 2nd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues the correction. The predicted target of the current ascending movement is the retracement of 38.2%. However, if this level is broken, the current correction may yet continue.

At the H1 chart, the retracement of 38.2% is confirmed by intraday fibo-levels. It looks like the price may test this area during the day. The future scenario depends on how the pair will move at this level.

EUR GBP, “Euro vs Great Britain Pound”

The pair is back to growing. The pair didn’t manage to reach the correctional retracement of 50% and has already been able to stay above the retracement of 38.2%, which means that it may continue moving upwards. The closest target is the retracement of 23.6% at 0.7850.

At the H1 chart, the upside targets are confirmed by intraday fibo-levels. After finishing the local correction, Europound may continue growing. If the pair rebounds from these fibo-levels, it may start a new correction.

RoboForex Analytical Department


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.