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Fibonacci Retracements Analysis 21.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 21st, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the retracement of 38.2% twice, Eurodollar has resumed falling. 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.



At the H1 chart, the predicted target of the current correction is confirmed by local retracements. It’s highly likely that on Thursday the price may reach a new local low and continue falling.




EUR GBP, “Euro vs Great Britain Pound”

In case of Europound, the uptrend continues. The closest target is the area at 0.7840. It’s highly likely that bulls will reach this level until the end of the week.



At the H1 chart, the current local correction has completed at the retracement of 61.8%. During the day, Europound may reach a new local high and continue growing towards the upside targets.



 
RoboForex Analytical Department

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