Fibonacci Retracements Analysis 19.04.2016 (EUR/USD, EUR/GBP)
19.04.2016
Analysis for April 19th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues moving upwards. If the price rebounds from the retracement of 50% during the day, it may start a new descending movement. If later the pair breaks the retracement of 38.2% and stays below it, I’m planning to open a sell order.
At the H1 chart, the correctional retracement of 50% is confirmed by intraday fibo-levels. It’s highly likely that in the nearest future the market may rebound from this area. However, if bulls are able to break the retracement of 50% and stay above it, the market will continue growing towards the one of 61.8%.
EUR GBP, “Euro vs Great Britain Pound”
Europound has reached the group of downside retracements specified earlier. In the nearest future, the market may start an ascending correction. The first target for bulls is at the retracement of 23.6%. If the pair breaks it, the market may start a deeper correction.
At the H1 chart, the downside target area is confirmed by local retracements. If the pair is able to stay above them during the day, the market may start an ascending correction.
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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.