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

Analysis for February 16^th, 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.



 
RoboForex Analytical Department