Fibonacci Retracements Analysis 16.05.2016 (EUR/USD, EUR/GBP)

16.05.2016

Analysis for May 16th, 2016

EUR USD, “Euro vs US Dollar”

After reaching its intermediate targets, Eurodollar started a local correction. In the future, the market may resume moving downwards. The closest target for bears is the group of fibo-levels at 1.1210.



At the H1 chart, the downside targets are by local retracements. If the price rebounds from the correctional retracement of 23.6%, the market may resume falling and break the minimum.




EUR GBP, “Euro vs Great Britain Pound”

Europound has rebounded from the retracement of 50% quite fast, 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. During the day, Europound may resume growing and, as a result, break the maximum quite soon.



 
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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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