Fibonacci Retracements Analysis 08.05.2015 (EUR/USD, EUR/GBP)


Analysis for May 8th, 2015

EUR USD, “Euro vs US Dollar”

Yesterday, Eurodollar wasn’t strong enough to reach the its upper targets: the price rebounded from the local group of fibo-levels. Possibly, the pair is starting to move inside the main downtrend. In the nearest future, the market may continue falling to reach its previous low.

As we can see at the H1 chart, the local target of the current descending movement is near three retracements at 1.1050. Possibly, later the pair may rebound from this area and start a short-term correction.

EUR GBP, “Euro vs Great Britain Pound”

Euro pound has rebounded from the group of upper fibo-level. In the nearest future, the pair is expected to continue falling towards 0.6975. If later the price rebounds from it, the market may start a new local correction.

As we can see at the H1 chart, the lower target area is confirmed by local retracements. Probably, during the day the pair may form a local correction, where one can build a fibo-correction on daily decline amplitude. I’m planning to open a sell order with the stop loss at the yesterday’s high after the price reaches retracement 38.2%.

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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.