Fibonacci Retracements Analysis 07.04.2015 (EUR/USD, EUR/GBP)


Analysis for April 7th, 2015

EUR USD, “Euro vs US Dollar”

Yesterday, the pair wasn’t strong enough to continue the current correction, and rebounded from the closest group of fibo-levels. During a local pullback, I opened a sell order. Possibly, the price may break the minimum in the nearest future.

As we can see at the H1 chart, the lower target area (1.0600) is confirmed by local retracements. Probably, later the pair may rebound from the above-mentioned area and start a more serious correction.

EUR GBP, “Euro vs Great Britain Pound”

Europound is also starting to fall. Earlier the pair rebounded from the group of upper fibo-levels several times. After the local correction, the pair is expected to continue falling. The closest target is the area close to several retracements at 0.7150.

As we can see at the H1 chart, the predicted target of the current descending movement is confirmed by local retracements. As soon as the market breaks the minimum, I’m planning to move the stop loss on my sell order to breakeven. Later I’m planning to increase my position.

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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.