Fibonacci Retracements Analysis 01.02.2016 (EUR/USD, EUR/GBP)

01.02.2016

Analysis for February 1st, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues moving sideways. Earlier, the market rebounded from the group of upper fibo-levels. Consequently, in the nearest future the price may continue falling inside flat towards its downside targets.



At the H1 chart, the downside targets are confirmed by local retracements. It’s highly likely that after completing the local correction, the pair may resume falling towards the minimum reached earlier.




EUR GBP, “Euro vs Great Britain Pound”

In case of Europound, the uptrend continues. The closest target is the area at 0.7840. It looks like in the future the pair will continue moving upwards.



As we can see at the H1 chart, the market has rebounded from the retracement of 78.6%, which means that the local correction may complete. Considering this, in the future the pair may move to reach the group of upper fibo-levels at 0.7840.



 
RoboForex Analytical Department

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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.

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