Fibonacci Retracements Analysis 06.05.2016 (EUR/USD, EUR/GBP)

06.05.2016

Analysis for May 6th, 2016

EUR USD, “Euro vs US Dollar”

In case of Eurodollar, the local correction is taking place, which may be followed by a descending movement towards the closest group of fibo-levels at 1.1360. if the price breaks this target area, the market may continue falling much faster.



As we can see at the H1 chart, the downside targets are confirmed by local retracements. It’s highly likely that during the day the market may reach a new low. If the price rebounds from the group of downside fibo-levels, the pair may start an ascending correction.




EUR GBP, “Euro vs Great Britain Pound”

It looks like the correction is getting deeper than it was expected earlier. The closest target for bears is the retracement of 50% and fibo-levels surrounding it. If the price rebounds from this area, Europound will resume growing.



At the H1 chart, the closest downside targets are confirmed by intraday fibo-level. Possibly, by the end of today’s trading session the price will have reached a new low and the above-mentioned targets.



 
RoboForex Analytical Department

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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.

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