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Fibonacci Retracements Analysis 15.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 15th, 2016

EUR USD, “Euro vs US Dollar”

The local correction may yet continue at the H4 chart. The predicted target of this correction is the closest group of fibo-levels at 1.0805 – 1.0795. If the price rebounds from this area, the market may resume its ascending movement.

As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. On Friday, the price may break yesterday’s low. The main target is still the group of upside fibo-levels.

EUR GBP, “Euro vs Great Britain Pound”

Yesterday the pair rebounded from the group of upper fibo-levels, which means that it may start a descending correction. The closest target is the area at 0.7500. If the price rebounds from this area upwards, the market may start a new ascending movement.

At the H1 chart, Europound has rebounded from the intraday retracement of 61.8% (0.7574). It means that the current descending correction may continue towards downside targets.

RoboForex Analytical Department

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