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Fibonacci Retracements Analysis 05.06.2015 (EUR/USD, EUR/GBP)

Analysis for June 5th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the group of intermediate fibo-levels and started a short-term correction. Probably, price may reach a new local low during the day. In the future, the market is expected to resume growing towards the upper targets.



As we can see at the H1 chart, the closest target of the current descending correction is at retracement 61.8%. If the price rebounds from it, the pair may start another ascending movement. Consequently, in this case I’m planning to open a buy order.




EUR GBP, “Euro vs Great Britain Pound”

Europound may also start a new local correction. The target is still the group of upper fibo-levels. Possibly, the pair may break the previous highs quite soon and reach its predicted targets.



As we can see at the H1 chart, yesterday the market couldn’t broke the group of local retracements and started a correction. Later, after the pair breaks yesterday’s high, I’m planning to open another buy order.



 
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