Fibonacci Retracements Analysis 03.04.2015 (EUR/USD, EUR/GBP)


Analysis for April 3rd, 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 50%, it may resume falling.

I opened a sell order when the price rebounded from retracement 38.2% at the H1 chart, but later the correction continued. 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”

Probably, the pair is about to finish the current local correction at retracement 78.6%. I’m staying out а the market right now and planning to open my first sell order only after the pair stays below retracement 50%. The target is still the group of lower fibo-levels.

As we can see at the H1 chart, the target of the current local correction is the group of fibo-levels close to retracement 78.6%. 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.