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Fibonacci Retracements Analysis 17.06.2015 (EUR/USD, EUR/GBP)

Analysis for June 17th, 2015

EUR USD, “Euro vs US Dollar”

Yesterday Eurodollar rebounded from the group of upper fibo-levels again. Possibly, bears may return to the market in the nearest future and the price will reach several new lows. The closest target is the group of fibo-levels at 1.0950. If the price breaks this area, it may continue falling much deeper.

As we can see at the H1 chart, the pair was just several pips shy to reach a correctional retracement 78.6%. After that, the price was able to stay below retracement 61.8%. The intermediate target, which is confirmed by local retracements, is still at 1.0950.

EUR GBP, “Euro vs Great Britain Pound”

Europound is starting a new descending movement. After the last descending movement, I’ve moved the stop loss on my current order to the local high. The target for the next several days is the group of fibo-levels at 0.7020.

As we can see at the H1 chart, the lower targets are confirmed by local retracements. If later the price rebounds from this area, I’ll close my current order. However, the door swings both ways, and if the pair breaks this area and stays below it, the market may continue falling much deeper.

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