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Fibonacci Retracements Analysis 09.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 9th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the group of fibo-levels at 1.1030 for the second time, Eurodollar has started a local descending correction. However, the market may resume its growth quite soon and move towards the upper levels at 1.1095.

At the H1 chart, the target of the correction is the local retracement of 50%. If the price rebounds from it upwards, the pair may resume its ascending movement and break the high reached last week.

EUR GBP, “Euro vs Great Britain Pound”

Europound has rebounded from the local correctional retracement of 38.2%. Consequently, the price may resume its decline. The closest target for bears is the group of fibo-levels at 0.7610.

At the H1 chart, the pair has rebounded from the group of local fibo-levels, which means that it may resume its descending movement. The downside target area is confirmed by local retracements.

RoboForex Analytical Department

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