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Fibonacci Retracements Analysis 22.01.2016 (EUR/USD, EUR/GBP)

Analysis for January 22nd, 2016

EUR USD, “Euro vs US Dollar”

Yesterday Eurodollar reached its downside target at 1.0810 – 1.0790 and then rebounded upwards, which means that it may try to test this area again. Later, we can expect a pullback upwards.

At the H1 chart, the predicted target of the current correction is confirmed by local retracements. It’s highly likely that on Friday the price may test yesterday’s low once again. If it rebounds upwards, the target will be the group of fibo-levels at the retracement of 78.6%.

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 in the future the price will continue moving upwards.

At the H1 chart, the local correction has completed at the retracement of 38.2%. During the day, Europound may rebound from this level upwards and continue growing.

RoboForex Analytical Department

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