Fibonacci Retracements Analysis 05.01.2016 (EUR/USD, EUR/GBP)


Analysis for January 5th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is moving downwards quite fast; yesterday it broke the December’s low. It’s highly likely that later the pair is going to continue falling. The target is still the downside area at 1.0730.

At the H1 chart, yesterday the correction faced resistance from the retracement of 61.8% rebounded from it downwards. In the nearest future, the market may continue falling towards its downside targets.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the group of upper fibo-levels downwards, Europound has resumed its decline. On Tuesday, the market may continue falling. The closest target for bears is the area at 0.7290.

At the H1 chart, the upside target area has been confirmed by local retracements. During the week, the price may fall towards its downside target and break the December’s low. If the market breaks 0.7290, the pair may continue falling much deeper.

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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.