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Fibonacci Retracements Analysis 11.06.2015 (EUR/USD, EUR/GBP)

Analysis for June 11th, 2015

EUR USD, “Euro vs US Dollar”

After several rebounds from the group of upper fibo-levels, Eurodollar may resume falling. It looks like the market is going to break the previous low during the day and I’ll move the stop loss on my sell order to breakeven. The closest target is at a local retracement 38.2%.

As we can see at the H1 chart, the target area, from which the price has rebounded several times, is confirmed by local retracements. The closest target is the group of fibo-levels at 1.1190. If the price breaks them, the market will continue moving downwards.

EUR GBP, “Euro vs Great Britain Pound”

Europound may also continue the current descending correction. The price has rebounded again from the same group of fibo-levels it rebounded several days earlier. In the nearest future, the market may continue falling towards retracement 38.2%.

As we can see at the H1 chart, the closest target for bears is retracement 38.2%. If the price beaks it, the pair may continue falling much deeper. Moreover, I’m planning to open another sell order after the price stays below retracement 38.2%.

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