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Fibonacci Retracements Analysis 04.03.2015 (EUR/USD, EUR/GBP)

Analysis for March 4th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the upper fibo-levels several times, Eurodollar continues 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.

As we can see at the H1 chart, the pair has rebounded from a local retracement 38.2%. Earlier I opened an additional sell order and moved the stop losses on my previous ones a bit lower. Possibly, the market may reach its lower targets in the nearest future.

EUR GBP, “Euro vs Great Britain Pound”

The pair is being corrected and may test the closest retracement 38.2% during the day. The target is still at the group of lower fibo-levels. In the near term, if the market rebounds from retracement 38.2%, the downtrend may continue.

As we can see at the H1 chart, the price has started a local correction. Probably, the pair may rebound from retracement 38.2% during the day and then resume falling towards the lower targets.

RoboForex Analytical Department

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