Fibonacci Retracements Analysis 24.05.2016 (EUR/USD, EUR/GBP)


Analysis for May 24th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is still consolidating. The closest target is still at the group of fibo-levels at 1.1130. Consequently, in the nearest future the market may the price resume falling and break its previous low.

At the H1 chart, during the local correction the price rebounded from the retracement of 38.2%. The downside targets are confirmed by intraday fibo-levels, which make this area even more important.

EUR GBP, “Euro vs Great Britain Pound”

Europound has broken the retracement of 38.2% and been able to stay above it, which means that the pair may resume moving upwards. It’s highly likely that in the nearest future the market may move towards the closet group of retracements at 0.7800.

At the H1 chart, the local correction has been supported by the retracement of 38.2%, which means that the market may resume growing soon. It’s highly likely that on Tuesday the price may break the local high and continue moving to reach its 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.