Fibonacci Retracements Analysis 20.05.2016 (EUR/USD, EUR/GBP)


Analysis for May 20th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is still dominated by “bears”. It’s highly likely that in the nearest future the market may continue moving downwards to reach the group of downside fibo-levels at 1.1130. If later the price rebounds from this area, the pair may start a new ascending correction.

At the H1 chart, on Friday the pair may be corrected towards the group of local fibo-levels at 1.1225. If the price rebounds from this area, Eurodollar may continue falling towards its downside targets, which are confirmed by intraday fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

Europound may yet continue moving downwards. The closet target for bears is the group of retracements at 0.7555. Consequently, on Friday the market may reach a new local low.

At the H1 chart, the target of the current local correction is the group of retracements at 0.7700. If later the pair rebounds from this area downwards, the market may resume falling to reach its downside targets.

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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.