Fibonacci Retracements Analysis 23.02.2015 (EUR/USD, EUR/GBP)

23.02.2015

Analysis for February 23rd, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels, Eurodollar is trying to resume falling. The closest target for bears is the group of fibo-levels at 1.0940. I’m planning to stop trading after the pair reaches the above-mentioned area.



At the H1 chart, the pair has rebounded from a correctional retracement 61.8% four times and started falling. The intermediate target is the group of fibo-levels at 1.1180. Possibly, later the pair may start a new short-term correction from the lower levels.




EUR GBP, “Euro vs Great Britain Pound”

After rebounding from a correctional retracement 78.6%, the price started falling again. The target is still at the group of lower fibo-levels. In the nearest future, the market is expected to form a local correction and then continue moving downwards.



As we can see at the H1 chart, the price may break a local low in the nearest future. Later, the pair is expected to continue falling towards the predicted target area. After reaching it, the market may rebound and start a new 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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