Fibonacci Retracements Analysis 05.02.2016 (EUR/USD, EUR/GBP)
05.02.2016
Analysis for February 5th, 2016
EUR USD, “Euro vs US Dollar”
The uptrend continues. 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 intraday retracements. On Friday, the pair may test the local retracement of 38.2%. If the price rebounds from it, the market may resume growing towards its main targets.
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, after rebounding from the group of lower fibo-levels, Europound has resumed its growth. In the future, the market may continue moving upwards to reach the group of upper fibo-levels at 0.7840.
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.