Fibonacci Retracements Analysis 04.05.2015 (EUR/USD, EUR/GBP)


Analysis for May 4th, 2015

EUR USD, “Euro vs US Dollar”

At the end of the last week, 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 last Friday, 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 Friday’s maximum in the nearest future.

EUR GBP, “Euro vs Great Britain Pound”

Euro is being corrected, but may yet continue growing. Right now, the target for bulls is the group of fibo-levels at 0.7470. During the local correction, I opened my third buy order.

As we can see at the H1 chart, the main target area is confirmed by local retracements. I’m planning to move the stop losses on my orders under the current low as soon as the price breaks the previous high.

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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.