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Fibonacci Retracements Analysis 02.03.2015 (EUR/USD, EUR/GBP)

Analysis for March 2nd, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels several times, Eurodollar resumed 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 is still being corrected. Earlier I opened an additional sell order and moved the stop losses on my previous ones a bit lower. Possibly, the current correction may complete at a local retracement 38.2%. After that, the market may start a new descending movement.

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 near term, the market is expected to continue moving inside the downtrend.

As we can see at the H1 chart, the price has started a local correction. Probably, in the nearest future, the pair may rebound retracement 38.2% and then resume falling towards the lower target area. After reaching the area, the market may rebound and start a new and larger correction.

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