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Fibonacci Retracements Analysis 17.02.2015 (EUR/USD, EUR/GBP)

Analysis for February 17th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels, Eurodollar started a correction. 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, we can see the intermediate group of fibo-levels (1.1180). The pair has attempted to rebound from a correctional retracement 78.6%, which means that the market may start moving towards the above-mentioned levels. Possibly, later the pair may start a new short-term correction from the lower levels, thus allowing to open another sell order.




EUR GBP, “Euro vs Great Britain Pound”

Last week, the pair rebounded from a correctional retracement 61.8% and several local levels near it. In the nearest future, the market is expected to complete the current correction, during which I opened another order, and resume its descending movement.



As we can see at the H1 chart, the price may complete the current short-term correction and rebound from retracements 78.6%. Later, the pair is expected to continue falling towards the predicted target area. I’m planning to move the stop loss on my previous order to breakeven when the price breaks the minimum.



 
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