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Fibonacci Retracements Analysis 07.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 7th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has started a fast ascending correction. If the price faces resistance from Moving Average and local retracement, the market may resume its decline towards the next target in the area at 1.0640 – 1.0620.

As we can see at the H1 chart, the pair is trying to rebound from the retracement of 61.8% and several intraday levels. Consequently, in the nearest future the price may resume its descending movement. However, if the market breaks the above-mentioned retracement, it may continue moving upwards.

EUR GBP, “Euro vs Great Britain Pound”

Europound continues moving upwards. It looks like in the nearest future the market will continue moving to reach the closest group of fibo-levels at 0.7530.

At the H1 chart, the current growth may face resistance from the group of local retracements at 0.7480 – 0.7495. If the market rebounds from this area, the pair may start a short-term descending correction.

RoboForex Analytical Department

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