Fibonacci Retracements Analysis 12.05.2016 (EUR/USD, EUR/GBP)


Analysis for May 12th, 2016

EUR USD, “Euro vs US Dollar”

Quite soon, the market may reach the closest group of fibo-levels at 1.1310. In case it rebounds from this area, the pair may start a new ascending correction. However, if this area is broken, the price will continue falling.

At the H1 chart, the correction faced resistance from the retracement of 61.8%. The downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the price may break its local low.

EUR GBP, “Euro vs Great Britain Pound”

Europound has already rebounded from the retracement of 38.2% three times, which means that it may resume moving upwards. The closest target for bulls is the group of fibo-levels at 0.7970.

As we can see at the H1 chart, there are several additional local fibo-levels at 0.7970, which make this area even more important. On Thursday, Europound may resume growing and, as a result, break the maximum.

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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.