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Fibonacci Retracements Analysis 07.06.2016 (EUR/USD, EUR/GBP)

Analysis for June 7th, 2016

EUR USD, “Euro vs US Dollar”

The correction continues. It looks like in the nearest future the market may test the retracement of 61.8%. If the price rebounds from it downwards, the pair may resume its descending movement.



At the H1 chart, the closest target of the current correction is the retracement of 23.6%. If the pair rebounds from this level, it may resume growing, break the local high, and reach its upside targets, which are confirmed by local fibo-levels.




EUR GBP, “Euro vs Great Britain Pound”

Europound is being corrected, but the main target is still the group of upside fibo-levels at 0.7935. It’s highly likely that quite soon the pair may start a new ascending movement.



At the H1 chart, Europound has rebounded from the correctional retracement of 78.6% and may resume moving upwards to reach its upside targets, which are confirmed by intraday fibo-levels. Consequently, bulls may return to the market very soon.



 
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