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Fibonacci Retracements Analysis 16.06.2016 (EUR/USD, EUR/GBP)

Analysis for June 16th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the correctional retracement of 61.8%, Eurodollar started falling. It’s highly likely that during the next several days the price will continue falling. The closest target for bears is the group of fibo-levels at 1.0970.

As we can see at the H1 chart, yesterday the price rebounded from the retracement of 50% and bears pushed the price downwards rather significantly. Consequently, in the future the pair may move towards the group of intraday retracements at 1.1115.

EUR GBP, “Euro vs Great Britain Pound”

Europound is still consolidating. However, later the price may resume moving upwards to reach the closet group of fibo-levels at 0.8030 – 0.8050. If the price rebounds from this area, bears may start a more significant bearish correction.

As we can see at the H1 chart, the local correction is about to finish. On Thursday, the price may test the retracement of 61.8% one more time. If the price rebounds from it again, Europound may resume moving upwards and break its previous high.

RoboForex Analytical Department

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