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Fibonacci Retracements Analysis 22.06.2016 (EUR/USD, EUR/GBP)

Analysis for June 22nd, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, Eurodollar rebounded from the correctional retracement of 50%, which means that it may resume falling. The target is still the group of downside retracements at 1.0960.

At the H1 chart, the target of the current local correction is the retracement of 38.2%. If the price rebounds from it in the nearest future, the pair may update the minimum and reach the area at 1.1215 by the end of today’s trading session.

EUR GBP, “Euro vs Great Britain Pound”

Europound is attempting to rebounds from the correctional retracement of 78.6%, which means that it may start a local ascending correction at least. However, if the market beaks this levels, the market may continue falling much faster and even break May’s low.

As we can see at the H1 chart, the retracement of 78.6% is confirmed by intraday fibo-levels. If the price breaks the retracement of 61.8% during the day, the pair may start a correction. Otherwise, if the pair rebounds from this retracement downwards, Europound may fall and break yesterday’s low.

RoboForex Analytical Department

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