Fibonacci Retracements Analysis 08.01.2016 (EUR/USD, EUR/GBP)


Analysis for January 8th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the retracement of 61.8%, Eurodollar has started a fast growth. It looks like the pair is resuming its movement towards the group of upper fibo-levels at 1.1110 – 1.1090. On Friday, the market may continue moving upwards.

At the H1 chart, the intraday correction is taking place. If later the pair rebounds from the group of local retracements, it may start a new ascending movement. The closest target is the area at 1.1010.

EUR GBP, “Euro vs Great Britain Pound”

The local correction is taking place. It looks like in the nearest future the market will continue moving to reach the closest group of fibo-levels at 0.7530. If later the price rebounds from this area, it may start a new descending correction.

At the H1 chart, the current correction may be supported by the retracement of 38.2% (0.7415). If the price rebounds from this level, it may resume moving upwards. Bulls may face resistance from the group of local retracements at 0.7480 – 0.7495. If the market rebounds from this area, the pair may start a 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.