Fibonacci Retracements Analysis 06.03.2015 (EUR/USD, EUR/GBP)

06.03.2015

Analysis for March 6th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels several times, Eurodollar continues falling. The closest target for bears is still 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 lower targets are confirmed by local retracements. Yesterday, when the price completed a short-term correction, I opened one more sell order. Possibly, the market may reach its predicted targets by Friday evening.




EUR GBP, “Euro vs Great Britain Pound”

The target is still at the group of lower fibo-levels. If later the market rebounds from these levels, the price may start a deeper correction. I’m staying out of the market right now due to the high volatility.



As we can see at the H1 chart, the target area is confirmed by local retracements. We should note, that this target area might be an intermediate target. In this case, bears may resume pushing the market downwards after a local correction.



 
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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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