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

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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