Fibonacci Retracements Analysis 31.05.2016 (EUR/USD, EUR/GBP)


Analysis for May 31st, 2016

EUR USD, “Euro vs US Dollar”

In case of Eurodollar, the downtrend continues. The market has rebounded from the Moving Average and the retracement of 61.8%, which means that it may resume falling. The closest target for bears is the group of retracements at 1.1070.

At the H1 chart, the price hasn’t been able to stay above the retracement of 38.2%. As a result, in the nearest future the market may resume falling towards its downside targets, which are confirmed by intraday fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

The pair is still being corrected. However, the main target is still the group of downside fibo-levels. Consequently, in the nearest future Europound may resume falling and break the previous local low.

At the H1 chart, the price is trying to rebound from the correctional retracements of 38.2% again. If later Europound stays under the retracement of 23.6%, the pair may resume falling and reach its downside targets at 0.7415.

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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.