Fibonacci Retracements Analysis 11.03.2015 (EUR/USD, EUR/GBP)


Analysis for March 11th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has broken its previous target area and right now is moving downwards quite fast. Probably, in the future the price may continue falling towards the next group of fibo-levels at 1.0220. However, there is still a possibility of a short-term correction.

As we can see at the H1 chart, the updated target area is confirmed by local retracements. If the market starts a correction in the nearest future, I’m planning to open another sell order.

EUR GBP, “Euro vs Great Britain Pound”

The pair has reached the group of lower fibo-levels and right now is trying to rebounds from them. It looks like in the nearest future the price may start a correction (at least), although there is a possibility that the market may reverse.

As we can see at the H1 chart, the minimum target of the current correction is at retracements 23.6%. If the pair breaks it, the market may continue growing towards retracement 38.2%. If the pair rebounds from these levels, the instrument may resume falling.

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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.