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Fibonacci Retracements Analysis 22.02.2016 (EUR/USD, EUR/GBP)

Analysis for February 22nd, 2016

EUR USD, “Euro vs US Dollar”

The Eurodollar, after the rebound from the top cluster of Fibo levels began to decline. In the short term, a further decline of the pair is possible. The immediate goal appears is pricing area near 1.0930.

On the hourly chart, there was a double rebound from a local correctional level of 50%. Lower targets are confirmed by intraday Fibo levels. During the day, the breakdown of last week’s minimum is possible.

EUR GBP, “Euro vs Great Britain Pound”

Presumably, the cross is heading towards re-testing the Fibo level of 78.6%. If it is followed by its breakdown, it will be possible for a resumption of decline of the currency pair towards the nearest congestion levels (0.7670).

On the hourly chart the breakdown of a local maximum is possible. Subsequently, with the rebound from the 78.6% mark the beginning of a new round of decline in the cross in the direction to the lower targets is possible.

RoboForex Analytical Department

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