Fibonacci Retracements Analysis 24.03.2016 (EUR/USD, EUR/GBP)


Analysis for March 24th, 2016

EUR USD, “Euro vs US Dollar”

After falling at the beginning of the week, Eurodollar has started consolidating. Possibly, the current flat pattern may later transform into a new ascending correction. After that, the target will be again at the group of lower fibo-levels.

At the H1 chart, the price has been supported by the group of local retracements at 1.1165.  The closest target of the bullish correction is at the retracement of 38.2%. If the market rebounds from this level downwards, bears will return to the market.

EUR GBP, “Euro vs Great Britain Pound”

The pair has started a new correction. It’s highly likely that after completing it, the market may resume its ascending movement. In this case, the target will soon be again at the group of upper fibo-levels between 0.8000 – 0.7990.

At the H1 chart, the target of the current correction is at the retracement of 38.2%. If the price rebounds from it during the day, the pair may resume moving upwards. However, if the price breaks this level, the current correction may continue.

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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.