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Fibonacci Retracements Analysis 18.02.2015 (EUR/USD, EUR/GBP)

Analysis for February 18th, 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 rebounded a correctional retracement 78.6% twice, 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 continue its descending movement.

As we can see at the H1 chart, the price has completed the current correction at retracements 78.6%. Later, the pair is expected to continue falling towards the predicted target area. I’ve already moved the stop losses on my sell orders close to the previous minimum.

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