Fibonacci Retracements Analysis 12.01.2016 (EUR/USD, EUR/GBP)


Analysis for January 12th, 2016

EUR USD, “Euro vs US Dollar”

The correction continues. Earlier Eurodollar rebounded from the retracement of 61.8% twice and started moving upwards. During the week, the pair may continue its ascending movement towards the group of upper fibo-levels at 1.1110 – 1.1090.

At the H1 chart, the target of the current local correction is at the retracement of 61.8%. If the pair rebounds from this level upwards during the day, the market may start a new ascending movement.

EUR GBP, “Euro vs Great Britain Pound”

After reaching the group of fibo-levels at 0.7530, Europound started a new correction, which probably has already completed by now. It looks like in the nearest future the price will continue moving towards the next group of fibo-levels at 0.7610.

At the H1 chart, the current correction may be supported by the retracement of 61.8% (0.7470). If the price rebounds from this level, it may resume moving upwards. If later the market rebounds from the upside target 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.