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Fibonacci Retracements Analysis 19.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 19th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of local retracements, Eurodollar has started a new descending correction. The closest target for bears is the area at 1.0810 – 1.0790. If the price breaks this area, the market may continue falling much deeper.

As we can see at the H1 chart, the predicted target of the current correction is confirmed by local retracements. It’s highly likely that on Tuesday the price may reach a new local low and continue falling.

EUR GBP, “Euro vs Great Britain Pound”

In case of Europound, the correction continues. If the price is able to rebound from local correctional retracements, the market will resume its ascending movement with the target at 0.7840.

At the H1 chart, the group of local retracements is confirmed by several additional fibo-level. If Europound rebounds from this area upwards, I’m planning to open a buy order.

RoboForex Analytical Department

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