Fibonacci Retracements Analysis 16.02.2016 (EUR/USD, EUR/GBP)
16.02.2016
Analysis for February 16th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of upper fibo-levels and started a new correction. The closest target is the group of local retracements at 1.1100. If the price breaks them, the market may continue falling.
At the H1 chart, the downside target is confirmed by the local retracements. It’s highly likely that on Tuesday, the pair may break yesterday’s low.
EUR GBP, “Euro vs Great Britain Pound”
Europound has successfully reached its upside targets and right now is being corrected. After a short-term correction, the price may continue falling towards the group of local retracements at 0.7690.
At the H1 chart, the closest targets of the current descending movement are confirmed by local retracements. If the pair rebounds from the correctional retracement of 38.2%, Europound may start a new descending movement.
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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.