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Fibonacci Retracements Analysis 06.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 6th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has reached its target close to the group of fibo-levels at 1.0730. In the future, the price may start a new local correction, which may be followed by a further decline towards the next target in the area at 1.0640 – 1.0620.



At the H1 chart, the pair may form an ascending correction with the target at the retracement of 38.2%. If the price rebounds from this level, it may resume falling and break yesterday’s low.




EUR GBP, “Euro vs Great Britain Pound”

After rebounding from the group of upper fibo-levels downwards, Europound has resumed its decline. During the next several days, the market may continue falling. The closest target for bears is the area at 0.7290.



At the H1 chart, the upside target area has been confirmed by local retracements. In the nearest future, the price may form a correction towards the retracement of 38.2%, which may be followed by a further decline towards its downside target and breakout of the December’s low. If the market breaks 0.7290, the pair may continue falling much deeper.



 
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