Fibonacci Retracements Analysis 02.02.2016 (EUR/USD, EUR/GBP)
02.02.2016
Analysis for February 2nd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues moving sideways. Earlier, the market rebounded from the group of upper fibo-levels. Consequently, in the nearest future the price may continue falling inside flat towards its downside targets.
At the H1 chart, the downside targets are confirmed by intraday retracements. It’s highly likely that after completing the local correction at the retracement of 61.8%, the pair may resume falling towards the minimum reached earlier.
EUR GBP, “Euro vs Great Britain Pound”
In case of Europound, the uptrend continues. The closest target is the area at 0.7840. It looks like in the future the pair will continue moving upwards.
At the H1 chart, the market may try to test the group of lower fibo-levels again. If the price rebounds from this area one more time, the pair may start moving upwards to reach the group of upper fibo-levels at 0.7840.
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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.