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Fibonacci Retracements Analysis 03.02.2016 (EUR/USD, EUR/GBP)

Analysis for February 3rd, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar continues moving sideways. In the nearest future, the price may test the group of upper fibo-levels again. If the market rebounds downwards, it continue falling inside flat towards its downside targets.

At the H1 chart, the upside targets of the current correction are confirmed by intraday retracements. It’s highly likely that after completing the local correction, the pair may resume falling towards the minimum reached earlier.

EUR GBP, “Euro vs Great Britain Pound”

In case of Europound, the uptrend continues. The closest target is the area at 0.7840. It looks like after completing the descending correction, the pair will continue moving upwards.

At the H1 chart, the market may try to test the group of lower fibo-levels again. If the price rebounds from this area one more time, the pair may start moving upwards to reach the group of upper fibo-levels at 0.7840.

RoboForex Analytical Department

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