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Fibonacci Retracements Analysis 08.02.2016 (EUR/USD, EUR/GBP)

Analysis for February 8th, 2016

EUR USD, “Euro vs US Dollar”

Last Friday, Eurodollar again tested the group of upper fibo-levels and rebounded from them once more. In the nearest future, the market may start a new descending correction with the target in the area at 1.1030.

As we can see at the H1 chart, the price is being corrected after Friday’s decline. On Monday, the pair may resume its movement towards the target at 1.1030, which is confirmed by intraday retracements.

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 local correction, the pair will continue moving upwards.

At the H1 chart, after rebounding from the group of lower fibo-levels, Europound has resumed its growth. In the future, the market may continue moving upwards to reach the group of upper fibo-levels at 0.7840.

RoboForex Analytical Department

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