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Fibonacci Retracements Analysis 11.05.2015 (EUR/USD, EUR/GBP)

Analysis for May 11th, 2015

EUR USD, “Euro vs US Dollar”

Last week, Eurodollar rebounded from the local group of fibo-levels. Possibly, the pair is starting to move inside the main downtrend. In the nearest future, the market may continue falling towards its previous low and retracement 23.6%.

As we can see at the H1 chart, the local target of the current descending movement is close to three retracements at 1.1050. Possibly, later the pair may rebound from this area and start a short-term correction.

EUR GBP, “Euro vs Great Britain Pound”

Euro pound has rebounded from the group of upper fibo-level. In the nearest future, the pair is expected to continue falling towards 0.6975. If later the price rebounds from it, the market may start a new local correction.

As we can see at the H1 chart, the lower target area is confirmed by local retracements. Probably, in the nearest future the pair may continue falling. I’m planning to open another sell order during the correction.

RoboForex Analytical Department

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