Fibonacci Retracements Analysis 02.03.2015 (EUR/USD, EUR/GBP)


Analysis for March 2nd, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels several times, Eurodollar resumed falling. The closest target for bears is the group of fibo-levels at 1.0940. I’m planning to stop trading after the pair reaches the above-mentioned area.

At the H1 chart, the pair is still being corrected. Earlier I opened an additional sell order and moved the stop losses on my previous ones a bit lower. Possibly, the current correction may complete at a local retracement 38.2%. After that, the market may start a new descending movement.

EUR GBP, “Euro vs Great Britain Pound”

After rebounding from a correctional retracement 78.6%, the price started falling again. The target is still at the group of lower fibo-levels. In the near term, the market is expected to continue moving inside the downtrend.

As we can see at the H1 chart, the price has started a local correction. Probably, in the nearest future, the pair may rebound retracement 38.2% and then resume falling towards the lower target area. After reaching the area, the market may rebound and start a new and larger 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.