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Fibonacci Retracements Analysis 11.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 11th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the retracement of 61.8%, Eurodollar has started a fast growth. During the week, the pair may continue its ascending movement towards the group of upper fibo-levels at 1.1110 – 1.1090. Consequently, soon the market may break the December’s high.



At the H1 chart, the intraday correction is taking place. If later the pair rebounds from the group of local retracements, it may start a new ascending movement. The closest target is the area at 1.1010.




EUR GBP, “Euro vs Great Britain Pound”

Europound has reached the group of fibo-levels at 0.7530. It looks like in the nearest future, after completing the local correction, the price will continue moving towards the next group of fibo-levels at 0.7610.



At the H1 chart, the current correction may be supported by the retracement of 61.8% (0.7470). If the price rebounds from this level, it may resume moving upwards. If later the market rebounds from the upside target area, the pair may start a descending correction.



 
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