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Fibonacci Retracements Analysis 02.05.2016 (EUR/USD, EUR/GBP)

Analysis for May 2nd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues moving upwards; consequently, the targets are at the top. The first resistance bulls may face from the group of retracements at 1.1530 – 1.1520. If they break this area, the pair may continue growing towards the group of upside retracements at 1.1620 – 1.1610.

As we can see at the H1 chart, the target area at 1.1530 – 1.1520 is confirmed by intraday fibo-levels. It’s highly likely that at the beginning of the week the pair may reach this area and start a local descending correction, at least.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still being corrected. The closest target is at the group of fibo-levels close to the retracement of 38.2%. If the market breaks this area, the price will continue growing towards the next target at the retracement of 61.8%.

As we can see at the H1 chart, the first bullish target at the retracement of 38.2% is confirmed by intraday fibo-levels. It looks like in the nearest future the price may continue moving upwards. The market may reach its upside targets on Monday or Tuesday.

RoboForex Analytical Department

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