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Fibonacci Retracements Analysis 08.06.2015 (EUR/USD, EUR/GBP)

Analysis for June 8th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the group of upper fibo-levels, Eurodollar continues its local correction. Probably, price may reach a correctional retracement 50% in the nearest future. If the price rebounds from it, the market may resume moving upwards.

As we can see at the H1 chart, the closest target of the current correction is at retracement 78.6%, which is confirmed by several local retracements. We should note that if the price breaks this target area, the current correction may become much deeper.

EUR GBP, “Euro vs Great Britain Pound”

Europound may resume growing. Possibly, the pair has already finished the current local correction and may start moving to break the maximum quite soon. The target is still the group of upper fibo-levels.

As we can see at the H1 chart, the market has rebounded from a local retracement, which means that it may start a new ascending movement. I’m holding one buy order with the stop loss at the previous low. Later, I’m planning to increase my long position.

RoboForex Analytical Department

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