Fibonacci Retracements Analysis 07.06.2016 (EUR/USD, EUR/GBP)


Analysis for June 7th, 2016

EUR USD, “Euro vs US Dollar”

The correction continues. It looks like in the nearest future the market may test the retracement of 61.8%. If the price rebounds from it downwards, the pair may resume its descending movement.

At the H1 chart, the closest target of the current correction is the retracement of 23.6%. If the pair rebounds from this level, it may resume growing, break the local high, and reach its upside targets, which are confirmed by local fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

Europound is being corrected, but the main target is still the group of upside fibo-levels at 0.7935. It’s highly likely that quite soon the pair may start a new ascending movement.

At the H1 chart, Europound has rebounded from the correctional retracement of 78.6% and may resume moving upwards to reach its upside targets, which are confirmed by intraday fibo-levels. Consequently, bulls may return to the market very soon.

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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.