Fibonacci Retracements Analysis 31.03.2016 (EUR/USD, EUR/GBP)

31.03.2016

Analysis for March 31st, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has broken the group of fibo-levels, which earlier provided significant resistance, and stayed above it. Consequently, in the nearest future the market may continue growing. The closest target is the group of fibo-levels at 1.1480 – 1.1460.



At the H1 chart, the price has rebounded of several retracements at 1.1380 – 1.1370, which means that it may be corrected towards the retracement of 38.2%. If the market rebounds from it, the pair will continue growing to reach its upside targets.




EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the Moving Average yesterday, Europound is moving above it. In the future, the market may resume its ascending movement towards the closest group of fibo-levels between 0.8000 – 0.7990. If the price rebounds from this area, the marker may start a new descending correction.



As we can see at the H1 chart, the pair hasn’t been able to stay below the correctional retracement of 61.8%. Consequently, in the nearest future the pair may break weekly’s high.



 
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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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