Fibonacci Retracements Analysis 10.05.2016 (EUR/USD, EUR/GBP)

10.05.2016

Analysis for May 10th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues falling. It looks like 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.



At the H1 chart, the closest bearish target is confirmed by intraday fibo-levels as well. During the local correction, I opened a sell order with the Stop Loss at the previous high. The market may reach its target levels during the day.




EUR GBP, “Euro vs Great Britain Pound”

Europound is seriously stuck inside the current flat. It’s highly likely that during this correction the market may reach the retracement of 50%. If the price breaks it, bears will start deeper correction.



As we can see at the H1 chart, the downside targets are confirmed by local fibo-levels. I’m holding a sell order with the tight Stop Loss. On Tuesday, Europound may break the minimums reached last week.



 
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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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