Fibonacci Retracements Analysis 29.04.2016 (EUR/USD, EUR/GBP)


Analysis for April 29th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has reached the correctional retracement of 78.6% and right now is attempting to rebound from it. If bears succeed, the market may break the retracement of 61.8% and stay below it in order to resume falling.

As we can see at the H1 chart, the predicted target of the current ascending movement is confirmed by local retracements. We should note that if bulls break the group of upside fibo-levels easily, the market may grow much higher.

EUR GBP, “Euro vs Great Britain Pound”

Europound was just several pips shy to reach the group of downside fibo-levels. Probably, right now the correction is taking place. In the nearest future, the market may move towards the retracement of 38.2%, which is confirmed by several local fibo-levels.

As we can see at the H1 chart, the first bullish target at the retracement of 38.2% is confirmed by intraday fibo-levels. It looks like on Friday the price may continue moving upwards. The market may reach its upside targets until the end of this trading week.

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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.