Fibonacci Retracements Analysis 01.05.2015 (EUR/USD, EUR/GBP)


Analysis for May 1st, 2015

EUR USD, “Euro vs US Dollar”

Yesterday Eurodollar reached its upper targets, but may yet continue moving upwards. The closest target at the H4 chart is the group of fibo-levels at 1.1520. During the local correction, I opened another buy order.

At the H1 chart, the upper targets are confirmed by local retracements. In the future, I’m planning to increase my long position. The stop loss on my orders is placed near the local low. Most likely, the market may break yesterday’s maximum in the nearest future.

EUR GBP, “Euro vs Great Britain Pound”

Euro pound is speeding up; it has already broken its previous target area. Right now, the target for bulls is the group of fibo-levels at 0.7470. During the local correction, I opened my second buy order.

As we can see at the H1 chart, the price may face resistance from the group of intermediate fibo-levels at 0.7375. I’m planning to open another order when the price starts a new correction from the above-mentioned area.

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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.