Fibonacci Retracements Analysis 16.02.2015 (EUR/USD, EUR/GBP)


Analysis for February 16th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels, Eurodollar started a correction. 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.

As we can see at the H1 chart, the intermediate group of fibo-levels (1.1180) is also important. The pair has attempted to stay below a correctional retracement 78.6%, which means that the market may start moving towards the above-mentioned levels. Possibly, later the pair may start a new short-term correction from the lower levels, thus giving an opportunity to open another sell order.

EUR GBP, “Euro vs Great Britain Pound”

Last week, the pair rebounded from a correctional retracement 61.8% and several local levels near it. In the nearest future, the market is expected to complete the current correction, during which I opened another order, and resume its descending movement.

As we can see at the H1 chart, the price may complete the current short-term correction and rebound from retracements 50%. Later, the pair is expected to continue falling towards the predicted target area. I’m planning to move the stop loss to breakeven when the price breaks the minimum.

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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.