Fibonacci Retracements Analysis 04.02.2016 (EUR/USD, EUR/GBP)

04.02.2016

Analysis for February 4th, 2016

EUR USD, “Euro vs US Dollar”

The market is growing quite steadily. The closest target for bulls is the group of upper fibo-levels at 1.1250. If the market rebounds from this area, it may start a new descending correction.



At the H1 chart, the upside targets are confirmed by local retracements. If the pair rebounds from them, the price may be corrected towards the retracement of 23.6%. However, if the pair breaks them, the market may continue growing.




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 after completing the local correction, the pair will continue moving upwards.



At the H1 chart, yesterday the market rebounded from the group of lower fibo-levels again. In the future, the market may continue moving upwards to reach the group of upper fibo-levels at 0.7840.



 
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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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