Fibonacci Retracements Analysis 07.05.2015 (EUR/USD, EUR/GBP)
07.05.2015
Analysis for May 7th, 2015
EUR USD, “Euro vs US Dollar”
Bulls continue pushing the pair upwards quite fast. Yesterday, the pair broke the maximum. The closest target at the H4 chart is still the group of fibo-levels at 1.1520. I’m planning to open another buy order during the local correction.
At the H1 chart, the price has been able to stay below a correctional retracement 23.6% and resume growing. The upper targets are confirmed by local retracements. Probably, the market may rebound from the predicted targets in the nearest future and start a new correction.
EUR GBP, “Euro vs Great Britain Pound”
Euro pound has also resumed its ascending movement. The target for bulls is the group of upper fibo-levels at 0.7470. I’m holding three buy orders and planning to close them when the price reaches the target area.
As we can see at the H1 chart, the pair has been supported by retracement 23.6%, thus allowing bulls to break the maximum. We should note that if bulls are able to break the closest group of fibo-levels and stay above them, the uptrend may continue towards higher targets.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.