Fibonacci analysis on 29 February 2016
EUR USD "Euro dollar"
The euro is still falling. The cluster of Fibo levels around 1.0925 gave only local support to the price, leading to a short-term correction. The market has already struck the minimum of last Friday during the day and may further decline to the target area (1.0830).
On the hourly chart, the intraday correction was completed at around 23.6%. Lower targets are confirmed by local Fibo levels, a retreat from which will signal the beginning of an upward correction.
EUR GBP "Euro to British pound"
The upward trend of the cross continues. In the short term, after the local correction, we are likely to see further progress of the price up. In the event of a release of the pair from upper levels (0.7990 - 0.8000) a downward correction will probably start.
On the hourly chart a correction is developing. The price is trying to form a retreat from the local Fibo level of 50%. It is very likely that the price for Monday will resume growth in the direction of the maximum of last week.