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Home / Analytics / Forex analysis & forecasts / Forex Technical analysis and forecasts / Fibonacci Retracements Analysis 12.05.2016 (EUR/USD, EUR/GBP)
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Fibonacci Retracements Analysis 12.05.2016 (EUR/USD, EUR/GBP)


Analysis for May 12th, 2016

EUR USD, “Euro vs US Dollar”

Quite soon, the market may reach the closest group of fibo-levels at 1.1310. In case it rebounds from this area, the pair may start a new ascending correction. However, if this area is broken, the price will continue falling.

At the H1 chart, the correction faced resistance from the retracement of 61.8%. The downside targets are confirmed by intraday fibo-levels. It’s highly likely that during the day the price may break its local low.

EUR GBP, “Euro vs Great Britain Pound”

Europound has already rebounded from the retracement of 38.2% three times, which means that it may resume moving upwards. The closest target for bulls is the group of fibo-levels at 0.7970.

As we can see at the H1 chart, there are several additional local fibo-levels at 0.7970, which make this area even more important. On Thursday, Europound may resume growing and, as a result, break the maximum.

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