Fibonacci Retracements Analysis 29.03.2016 (EUR/USD, EUR/GBP)
29.03.2016
Analysis for March 29th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of local retracements at 1.1200 – 1.1185, which means that it may resume its descending movement. In the nearest future, the price may continue falling towards its downside targets at 1.1065 – 1.1050.
At the H1 chart, the downside targets are confirmed by local retracements. It’s highly likely that on Tuesday the price may reach a new weekly low. However, if the market breaks yesterday’s highs, the current ascending correction may yet continue.
EUR GBP, “Euro vs Great Britain Pound”
Europound is still being corrected. In the nearest future, the market may resume its ascending movement towards the closest group of fibo-levels between 0.8000 – 0.7990. If the price rebounds from this area, the marker may start a new descending correction.
At the H1 chart, the predicted target of the current correction is at the retracement of 61.8%, from which the pair has already rebounded. Consequently, the pair may resume moving upwards and stays above last Fridays’ highs. Otherwise, if the price breaks the retracement of 61.8% and surrounding levels, it may start a deeper 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.