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Fibonacci Retracements Analysis 04.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 4th, 2016

EUR USD, “Euro vs US Dollar”

On Monday, Eurodollar started a new local correction. It’s highly likely that in the nearest future the pair is going to continue falling. The target is still the downside area at 1.0730.

At the H1 chart, the correction faced resistance from the retracement of 61.8%. If the price rebounds from this area downwards during the day, the market may resume its decline towards its downside targets.

EUR GBP, “Euro vs Great Britain Pound”

On its way to a new high, Europound has rebounded from the group of upper fibo-levels downwards. In the nearest future, the market may move downwards. The closest target for bears is the area at 0.7290.

At the H1 chart, the upside target area has been confirmed by local retracements. During the week, the price may fall towards its downside target and break the December’s low. If the market breaks 0.7290, the pair may continue falling much deeper.

RoboForex Analytical Department

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