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Fibonacci Retracements Analysis 23.02.2016 (EUR/USD, EUR/GBP)

Analysis for February 23rd, 2016

EUR USD, “Euro vs US Dollar”

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

On the hourly chart, there was a double rebound from a local correctional level of 38.2%, followed by the price updating the minimum. Lower targets are confirmed and intraday Fibo levels. During the day, perhaps a further decline of the currency pair is possible.

EUR GBP, “Euro vs Great Britain Pound”

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

On the hourly chart the break through the local maximum will soon be possible. Subsequently, with the rebound from the 78.6% the beginning of a new round of the decline of the cross towards lower targets will be possible.

RoboForex Analytical Department

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