Analysis for February 4th, 2016
EUR USD, “Euro vs US Dollar”
The market is growing quite steadily. The closest target for bulls is the group of upper fibo-levels at 1.1250. If the market rebounds from this area, it may start a new descending correction.
At the H1 chart, the upside targets are confirmed by local retracements. If the pair rebounds from them, the price may be corrected towards the retracement of 23.6%. However, if the pair breaks them, the market may continue growing.
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 after completing the local correction, the pair will continue moving upwards.
At the H1 chart, yesterday the market rebounded from the group of lower fibo-levels again. In the future, the market may continue moving upwards to reach the group of upper fibo-levels at 0.7840.
RoboForex Analytical Department