Fibonacci Retracements Analysis 02.04.2015 (EUR/USD, EUR/GBP)


Analysis for April 2nd, 2015

EUR USD, “Euro vs US Dollar”

The pair is still being corrected. Earlier, after rebounding from retracement 50% several times, Eurodollar attempted to start a new descending movement. If the price rebounds from a local retracement 38.2%, it may resume falling.

I opened a sell order when the price rebounded from retracement 38.2% at the H1 chart. The closest target is the group of intermediate fibo-levels at 1.0600. After reaching it, the market may start a local pullback upwards.

EUR GBP, “Euro vs Great Britain Pound”

After completing the correction at retracement 61.8%, the price is attempting to resume the main downtrend. Probably, at the moment the pair is finishing a local correction. I closed my orders with stop losses while the market was moving upwards, and I haven’t opened any new ones.

As we can see at the H1 chart, the target of the current local correction is the group of fibo-levels close to retracement 61.8%. If the market rebounds from this area, the price may start a new descending movement. This is why I’m planning to open a sell order later.

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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.