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Fibonacci Retracements Analysis 17.06.2016 (EUR/USD, EUR/GBP)

Analysis for June 17th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the correctional retracement of 78.6%, which means that the correction may continue. Consequently, later the price may grow a little bit towards its local high. If the pair rebounds from it, bears may try to start another decline.

As we can see at the H1 chart, yesterday the price rebounded from the group of local retracements. On Friday, the pair may move towards the local target at 1.1355. If later the market rebounds from it, Eurodollar may start a new descending correction.

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, the market may start a more significant bearish correction.

As we can see at the H1 chart, the local correction is about to finish. On Friday, the price may rebound from the retracement of 61.8%. In this case, Europound may resume moving upwards and break its previous high.

RoboForex Analytical Department

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