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Fibonacci Retracements Analysis 09.02.2016 (EUR/USD, EUR/GBP)

Analysis for February 9th, 2016

EUR USD, “Euro vs US Dollar”

It looks like the test of the group of upper fibo-levels Eurodollar made last Friday won’t be the last one. If the price rebounds from this area, the market may start a new descending correction with the target in the area at 1.1030.

At the H1 chart, the price may reach a new local low during the day. Later, the pair may continue its movement towards the downside target area, 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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