Fibonacci Retracements Analysis 01.04.2016 (EUR/USD, EUR/GBP)


Analysis for April 1st, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has rebounded from the group of intermediate fibo-levels and right now is moving to test its upside targets at 1.1480 – 1.1460. If later the price rebounds from them, the market may start a new bearish correction.

At the H1 chart, the price has rebounded from the local correctional retracement of 38.2%. During the day, the market may break yesterday’s high and reach its upside targets. If the pair breaks them, it may continue growing faster.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the Moving Average and the group of local fibo-levels, Europound has resumed its ascending movement towards the closest group of fibo-levels between 0.8000 – 0.7990. If the price rebounds from this area, the marker may start a new descending correction.

As we can see at the H1 chart, the pair has rebounded from the correctional retracement of 61.8% several times, which means that it may continue moving upwards. I’m planning to close my orders after the price reaches its upside targets, because it may start a new descending correction.

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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.